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23 April, 10:22

Why is the basic problem of economic, scarcity, a universal problem?

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  1. 23 April, 10:34
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    The biggest economic problem today is the limitation of resources.

    Explanation:

    Economics is the study of production and distribution of resources and Scarcity means the limitations of the resources. It happens in all the economies no matter how successful these are.

    It is the basic economic problem that makes people distribute and use resources wisely. The inadequacy of the goods makes people choose and allocate resources efficiently in order to fulfill the needs of life.
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