Question

Scarcity is the Rwt of all Economic problems. Explain this statement​

Answer 1

Explanation:

Scarcity is the root cause for all economic problems.

• Thus, it is due to the scarce availability of resources to fulfil the different and competing unlimited wants that an economy faces the economic problem or the problem of choice.

The root of all economic problems :

• The basic root of economic problems arises from the fact that resources are limited and wants are unlimited thus the resources are scarce.

• Society must now choose what to produce, how to produce and for whom to produce.

Answer 2

Answer:

Explanation: Scarcity is the root cause for all economic problems. Thus, it is due to the scarce availability of resources to fulfil the different and competing unlimited wants that an economy faces the economic problem or the problem of choice.

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