scaring is a root of all economic problems explain the statement
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Answer. Scarcity is the root cause for all economic problems. No matter, how well a particular economy is endowed with resources, these resources will be relatively scarce to fulfil its unlimited wants. ... Allocation of resources to any particular use involves a cost in terms of sacrifice of the other possible uses.
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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. ... Society would produce, distribute, and consume an infinite amount of everything to satisfy the unlimited wants and needs of humans.
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