Question

What are the reason of appearing an economic Problem?​

Answer 1

Answer:

The causes of economic problems are :

(i) Unlimited Wants: wants are unlimited in nature.

(ii) Limited Resources: In economics, scarcity means that commodities and resources to produce goods and services are less in relation to their demand. ...

(iii) Alternative Uses of Resources: Means are not only limited but also have alternative uses.

Answer 2

Answer:

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Explanation:

Economic problem arises from scarcity of resource . Every economy faces scarcity of resources because their wants are unlimited and their resources (means) are limited. Therefore, economic problem is the problem of economising scarce resources. It means making the best use of the available resources.