when we have unlimited wants and limited resources this is the main root of scarcity cause economics problem
Scarcity implies to the lack of required materials such as raw material, adequate technologies, or other needed resources or more import i.e. deficit\xa0that ultimately affects the growth and development of industries or economy of a country in collective form. Lower growth, slow development, unemployment, salary cut off, recession i.e. employed becomes unemployed and others. Scarcity therefore implies to economic problem.
Sacrity cause economic problems because Sacrity prevents all the needs and demands of all people from being fullfilled
Nagma Agate
Asked: 3 years ago2022-11-01T23:52:31+05:30
2022-11-01T23:52:31+05:30In: Class 11
Scarcity causes economic problems how
Scarcity causes economic problems how
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Bagwati Malik Reddy
Asked: 3 years ago2022-10-30T02:25:44+05:30
2022-10-30T02:25:44+05:30In: Class 11
Scarcity causes economic problems.How?
Scarcity causes economic problems.How?
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Alka Krishna Ganesan
Asked: 3 years ago2022-10-29T13:37:22+05:30
2022-10-29T13:37:22+05:30In: Class 11
Scarcity causes economic problems.how
Scarcity causes economic problems.how
Leave an answer
Leave an answer
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Scarcity means shortage of resources in relation to their demand, which implies that resources are limited which have alternate uses.In this situation, every economy whether developed or developing has to face problem of choice i.e, how to utilise or select the resources in such a manner to satisfy maximum human unlimited wants.Which is known as economic problem.
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.\xa0