CBSE Class 11-commerce Answered
Scarcity causes economic problem . how?
Asked by tanu.disha234 | 16 Aug, 2018, 06:16: PM
Expert Answer
Resources such as land, labour and capital are limited in relation to their demand and economy cannot not produce all that people required to satisfy themselves. This is why the existence of economic problems in an economy. Scarcity is universal which is applicable to all individuals, institutions and economy as a whole. If there is abundant or sufficient resources then there will not be any problem in an economy. Hence, scarcity leads to economic problem.
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