Which of the following is the root of all economic problems?

scarcity

The correct answer is Option 3: scarcity

Scarcity is the root of all economic problems. Had there been no scarcity, there would have been no economic problem. And one would not have studied Economics either. In our daily life, we face various forms of scarcity. The long queues at railway booking counters, crowded buses and trains, shortage of essential commodities, the rush to get a ticket to watch a new film, etc., are all manifestations of scarcity. We face scarcity because the things that satisfy our wants are limited in availability.