Describe the causes of Economic problem?
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Causes of Economic Problem
Scarcity of resources: Resources like labour, land, and capital are insufficient as compared to the demand. Therefore, the economy cannot provide everything that people want. ... Alternative Uses: Resources being scarce, the same resources are used for different purposes.
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Scarcity of resources: Resources like labour, land, and capital are insufficient as compared to the demand. Therefore, the economy cannot provide everything that people want. ... Alternative Uses: Resources being scarce, the same resources are used for different purposes.
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