Explain the concept of economic problem with example?

1.	Explain the concept of economic problem with example?
Answer» Answer: The fundamental ECONOMIC problem is the ISSUE of SCARCITY but UNLIMITED wants. Because of scarcity, there is a constant opportunity cost – if you use resources to consume one GOOD, you cannot consume another.

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The fundamental ECONOMIC problem is the ISSUE of SCARCITY but UNLIMITED wants. Because of scarcity, there is a constant opportunity cost – if you use resources to consume one GOOD, you cannot consume another.

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Explain the concept of economic problem with example?​

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Explain the concept of economic problem with example?