Economic problem is essentially a problem of making choices in the presence of scarcity. Explain.
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the problems which arise are what to produce, how to produce and for whom to produce.
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A hypothesis that scarcity exists as in just limited and deficient assets are accessible to fulfill the necessities and wants of every single person. The crucial financial issue at that point looked by human culture and business administrators is the way to designate rare assets to the arrangement of different products and ventures inside the economy.
All social orders confront the economic problem, which is the issue of how to make the best utilization of constrained, or rare, assets. The economic issue exists in light of the fact that, despite the fact that the requirements and needs of individuals are perpetual, the assets accessible to fulfill needs and needs are constrained.
All social orders confront the economic problem, which is the issue of how to make the best utilization of constrained, or rare, assets. The economic issue exists in light of the fact that, despite the fact that the requirements and needs of individuals are perpetual, the assets accessible to fulfill needs and needs are constrained.
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