Question

"Scarcity is the root of all economic problems." Explain.

Answer 1

Scarcity is the root of all economic problems. In our daily life, we face various forms of scarcity. We face scarcity because the things that satisfy our wants are limited in availability. The long queues at railway booking counters, massive crowd in buses, shortage of essential commodities etc. are showing scarcity.

If there had not been scarcity, there would not have been economic problems.