ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The fundamental economic problem faced by all societies is Scarcity. The economic resources are insufficient to satisfy human wants and needs. Human wants are unlimited, but the means to satisfy human wants are limited. Scarcity affect the economic growth of the country.

Detailed explanation-2: -Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.

Detailed explanation-3: -Scarcity – the fundamental problem facing all societies. It is the condition that results from society not having enough resources to produce all the things that people would like to have.

Detailed explanation-4: -The three basic problem of economics are: What to produce. How to produce. For whom to produce.