what are problems faced by people because of economic difference
Answers
Answer:
The fundamental economic problem is the issue of scarcity but unlimited wants. Scarcity implies there is only a limited quantity of resources, e.g. finite fossil fuels. Because of scarcity, there is a constant opportunity cost – if you use resources to consume one good, you cannot consume another. Therefore, an underlying feature of economics is concerned with dealing how to allocate resources in society to make the most efficient and fair use of resources. The main issues are:
What to produce?
How to produce?
For whom to produce?
Explanation:
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Explanation:
the economy still faces various problems and challenges, such as corruption, lack of infrastructure, poverty in rural areas and poor tax collection rates. Despite rapid economic growth, unemployment is still an issue in both rural and urban areas.