Why does an economic problems arise …
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Yogita Ingle 6 years, 4 months ago
An economic problem is basically the problem of choice which arises because of scarcity of resources. Human wants are unlimited but means to satisfy them are limited. Therefore, all human wants cannot be satisfied with limited means. Wants differ in intensity and limited resources have alternative uses. In such a background, every consumer tries to satisfy his maximum wants. Therefore, one has to choose as to what goods one should consume and in what quantity. Economic problem arises the movment problem of choice arises. Actually speaking, economic problem is basically the problem of choice.
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