What is meant by economic problem? How does an economic problem arise?Is it true that if the resources were not limited there would have been no economic problems?
Answers
Answer:
The Economic problem –sometimes called basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. Economics involves the study of how to allocate resources in conditions of scarcity.
Explanation:
An economic problem is basically the problem of choice which arises because of scarcity of resources. Human wants are unlimited but means to satisfy them are limited. ... In such a background, every consumer tries to satisfy his maximum wants.
no it is not true because human never satisfied of what they have......it a human nature.....
Answer:
What is meant by economic problem? How does an economic problem arise?Is it true that if the resources were not limited there would have been no economic problems?