What is the economic problem?
The economic problem was defined by the inability of limited economic resources to meet all the ever increasing needs according to the law of increasing needs.
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| The Economic Problem |
Economic Problem and Scarcity
- Scarcity is a fundamental problem for every society.
- Scarcity means insufficient of available economic resources to meet.
Therefore because of scarcity, economics is concerned with:
- What to produce?
- How to produce?
- For whim to produce.
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