Question

scarcity is the undercurrent of economic problem and therefore of economics? Defend or refute this statement ​

Answer 1

Answer:

Scarcity is our limited resources but unlimited wants. Our resources are limited by the 4 factors of production - land, labour, capital and enterprise. The problem of scarcity is that our wants are always beyond what we can produce with our resources. Scarcity is the root of all economic problems.

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