Question

scarcity causes economic problem. how ?

Answer 1

Scarcity implies to the paucity of required materials such as raw material, adequate technologies, or other needed resources or more import i.e. deficit that ultimately affects the growth and development of industries or economy of a country in collective form. Lower growth, slow development, unemployment, salary cut off, recession i.e. employed becomes unemployed and others. Scarcity therefore implies to economic problem.

Answer 2

Answer:

Scarcity is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. Therefore, we have to choose....

Economics is the study of production, distribution, and consumption of goods and services.