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Scarcity causes economic problems.how

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Scarcity causes economic problems.how
  • 1 answers

Badal Raj 6 years, 4 months ago

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.
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