Economy, asked by fayazlone, 1 year ago

problem of scarcity and choice

Answers

Answered by ShivshankarNandi
5
The basic economic problem is that needs and wants are unlimited, but resources are scarce. ... Scarcity means that resources are limited, and because resources are scarce, people must make choices. Economics is the social science that studies how people use scarce resources to satisfy unlimited needs and wants.
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