GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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scarcity is the root of
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social problems
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all economic problems
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political problems
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all problems
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Explanation:
Detailed explanation-1: -The basic root of economic problems arises from the fact that resources are limited and wants are unlimited thus the resources are scarce. Society must now choose what to produce, how to produce and for whom to produce.
Detailed explanation-2: -Yes, the statement “Scarcity is the mother of all economic problems.” Scarcity is caused by : Limited Resources, Unlimited Wants and alternate uses of resources. Scarcity causes the problem of choice. Choice causes economic problems of decision making.
There is 1 question to complete.