ICSE Class 9 Answered
the causes of economic problems
Asked by rakhikkaira | 24 Jun, 2020, 09:04: PM
Expert Answer
Economic problems are caused due to the following reasons:
1. Unlimited wants of humans - wants of humans never end, as one is satisfied they want something else. It is not possible to satisfy all wants.
2. Scarcity or Limited resources - It means that the resources required to produce goods and services are less than its demand.
3. Alternate uses of resources - Resources are not only limited but also have alternate uses. Hence a choice has to be made for where the resource is going to be used.
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