Question

scarcity causes economic problem . how? explain with 3 points

Answer 1

Scarcity, or limited resources, 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.

Answer 2

Answer:

scarcity implies to the paucity of required materials such as raw material, adequate technologies, or other needed resources or more import, that is , 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, reccesion that is employed becomes unemployed and others. Scarcity therefore implies to economic problem.