Question

What is meant by economic problems?why does it arise?

Answer 1

Economics problems are the problem of choice or the optimum utilisation of scare resources......
Economic problems arise because....
1 Resources are scare .....
2 Resources have alternative uses...
3 Human wants are unlimited...
These all figured out the 3 central problems of an economy...... What to produce... How to produce.... For whom to produce ....

Answer 2

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