What is an economy?
An economy is a system which provides people, the means to work and earn a living.
Scarcity refers to the limitation of supply in relation to demand for a commodity.
Economic problem is a problem of choice involving satisfaction of unlimited wants out of limited resources having alternative uses.
Reasons for economic problem
The 3 main reasons for existence of economic problems are:
- Scarcity of resources
- Unlimited human wants
- Alternate uses
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