wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

What is an economic problem? Why does it arise?

Open in App
Solution

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. The problems arise when these resources become scarce and their demand becomes unlimited.


flag
Suggest Corrections
thumbs-up
5
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Understanding the Economy
STATISTICS
Watch in App
Join BYJU'S Learning Program
CrossIcon