Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Macro Economics: Introduction

Question:

Which of the following is the main factor responsible to create economic problems in society ?

Options:

Resources are costly

Unlimited wants and surplus resources

Unlimited wants and scare resources

High density of population

Correct Answer:

Unlimited wants and scare resources

Explanation:

The correct answer is option (3) : Unlimited wants and scare resources

This concept reflects the fundamental economic problem of scarcity, where human wants and needs are unlimited, but resources are limited or scarce. This scarcity necessitates choices and trade-offs, leading to various economic issues such as allocation of resources, production choices, distribution of income, etc.