Question
Economic problem arises mainly due to
Answer: Option D
Answer: (d)
The theory of Economic problems states that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs.
The problem then becomes how to determine what is to be produced and how the factors of production (such as capital and labour) are to be allocated.
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Answer: (d)
The theory of Economic problems states that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs.
The problem then becomes how to determine what is to be produced and how the factors of production (such as capital and labour) are to be allocated.
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