What is an economic problem? What is its root cause? Explain.

1.	What is an economic problem? What is its root cause? Explain.
Answer» SOLUTION :It is the problem of how to make the best use of limited, or scarce, RESOURCES. The economic problem exists because, although the needs and wants of people are ENDLESS, the resources available to satisfy needs and wants are limited.Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. Therefore, we have to CHOOSE.

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