How do economic problems arise? Would
there be any economic problem if resources were
unlimited?
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Economic problems arise mainly due to scarcity, the limit of resources. The problem of scarcity arises because of limited resource, but unlimited wants. For example, a person who has a bungalow now may demand to have a pool with that bungalow and so one. This example is given to say that people's wants continue to rise and exist, but the resources available to produce them is limited. This rises opportunity cost.
But if resources were unlimited, I do not think major economic problems would arise, for unlimited resources can provide for unlimited wants.
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