Question

The basic problem studied in Economics is
a. Unlimited wants
b. unlimited means
c. Scarcity
d. Strategy to meet all our wants

Answer 1

The basic problem studied in Economics is Scarcity or the lesser amount of resources, compared to the huge demands in the society.

Thus, the answer option ‘c’ is the right answer.

However, there are a few definite steps suggested by the notable economists that can beat this problem of limited resources.

People need to trade off certain demands to skip this problem of scarcity and also there should not be any competition to get the rare materials, which otherwise boosts their prices in the market.

Answer 2

Answer:

c is the Answer

Explanation: