Why Does An Economy Problem Arise? Explain. (2024)

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Meaning of Economics, Price and Wealth

Why Does An E...

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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:

  1. Scarcity of resources like labour, land, and capital are insufficient when compared to the demand.
  2. Human beings’ demands and wants are unlimited and keep multiplying. Therefore, they cannot be satisfied because of limited resources.

See Also
What is Economics?Why Study Economics?Economics Examples | Top 7 Real-Life Examples of EconomicsEconomic and Non-Economic Activities - Classifications, Characteristics and Differences

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