Practicing Success
Which of the following is the main factor responsible to create economic problems in society ? |
Resources are costly Unlimited wants and surplus resources Unlimited wants and scare resources High density of population |
Unlimited wants and scare resources |
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. |