Explain the various causes of economic problem.
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Goods and services that satisfy human wants are produced with the help of resources such as land, labour, capital and enterprise. These resources are scarce while wants are unlimited. Due to scarcity of these resources, an economy cannot produce all that goods and services as required by its citizens.
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(I) scarcity of resources
(ii) unlimited human wants
(iii) alternative uses
are the main causes of economic problem
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