Question

Why does an economic problem arises ?explain

Answer 1

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. Therefore, all human wants cannot be satisfied with limited means. ... In such a background, every consumer tries to satisfy his maximum wants.

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Answer 2

Hey Mate !

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.

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