Question

      27. “Scarcity is the root of all economic problems”. Explain the statement.


(6 marks)​

Answer 1

Answer:

Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. ... Society would produce, distribute, and consume an infinite amount of everything to satisfy the unlimited wants and needs of humans.

Explanation:

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