Question

Give reason why economic problems arise?​

Answer 1

Answer:

Economic problem arises from scarcity of resource . Every economy faces scarcity of resources because their wants are unlimited and their resources (means) are limited. Therefore, economic problem is the problem of economising scarce resources. It means making the best use of the available resources.

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Answer 2

Answer:

The primary economic issues in India are:

Low per capita income.

Huge dependence of population on agriculture.

Heavy population pressure.

The existence of chronic unemployment and under-employment.

Slow improvement in Rate of Capital Formation.

Inequality in wealth distribution.

Poor Quality of Human Capital