Question

Define the following key terms
Scarcity:
Economic problem :

Answer 1

Answer:

Scarcity: Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants.

Economic problem: An economic problem generally means the problem of making choices which occurs because of the scarcity of resources. The economic problem arises because people have unlimited desires but the means to satisfy that desire is limited. Therefore, satisfying all human needs are difficult with limited means.

Answer 2

Answer:

1.Scarcity :- Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants.

2.Economic problem :- economic problem refers to any such problem in the economy that is concerned with the production of goods and services to satisfy the unlimited wants of the economy through the utilization of scarce resources.

Explanation:

Please mark me as brainliest answer