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Question
Why Does An Economy Problem Arise? Explain.
Why Does An Economy Problem Arise? Explain.
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Solution
An economic problem generally refers to the scarcity of resources, which arises because of having unlimited desires. Therefore, satisfying all human needs is difficult with limited means.
The main causes of economic problems are:
- Scarcity of resources like labour, land, and capital are insufficient when compared to the demand.
- Human beings’ demands and wants are unlimited and keep multiplying. Therefore, they cannot be satisfied because of limited resources.
An economic problem generally refers to the scarcity of resources, which arises because of having unlimited desires. Therefore, satisfying all human needs is difficult with limited means.
The main causes of economic problems are:
- Scarcity of resources like labour, land, and capital are insufficient when compared to the demand.
- Human beings’ demands and wants are unlimited and keep multiplying. Therefore, they cannot be satisfied because of limited resources.
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