Give the meaning of economic problem.
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Economic problem
The economic problem, sometimes called the basic, central or fundamental economic problem, is one of the fundamental economic theories in the operation of any economy. It asserts that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs.
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The economic problem sometimes called the basic or central economic problem - asserts that an economy 's finite resources are insufficient to satisfy all human wants and needs .Economics involves the study of how all allocate resources in conditions of scarcity.
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