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Give the meaning of economic problem. |
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Answer» Economic problems arise from the scarcity of resources relative to human wants. Since the society cannot satisfy all its wants due to limited availability of goods and services, it must make a choice as to which wants are to be satisfied and which wants need to be left unfulfilled for the time being. Since resources are limited, society has to choose between the alternative uses of the available resources. This is known as the Problem of Choice or economic problem. |
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