Question : Reason/s of economic problem is/are _______
Option 1: Scaricity of resources
Option 2: Unlimited human wants
Option 3: Alternative uses
Option 4: All of the above
Correct Answer: All of the above
Solution : The following three main reasons of economic problems are: 1. Scarcity of resources, 2. Unlimited human wants, 3. Alternative uses. Hence, the correct option is 4.
Question : Difference between resources and human wants
Question : Economic problem is a problem of ________.
Question : The basic economic problem confronting all societies is how to allocate scarce resources between
Question : Assertion: Scarcity is the fundamental economic problem faced by all societies.
Reason: Scarcity arises because human wants and needs are unlimited, while resources are limited.
Question : Economics is all about making choices in the presence of ________.
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