Question

what is meant by economic problem ? How does an economic problem arise ?

Answer 1

sorry but idont no this answer

Answer 2

An economic problem refers to any such problem in the economy that is concerned with the production of goods and services to satisfy the unlimited wants of the economy through the utilization of scarce resources.

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.

Explanation:

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