Why Economic problem arises? - EduRev Economics Question

EduRev

All Courses

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

Economics Exam > Economics Questions > Why Economic problem arises?

Join the Discussion on the App

Why Economic problem arises?

Join for Free

Join for Free

Verified Answer

Why Economic problem arises?

An economic problem is basically the problem of choice which arises because of scarcity of resources. Human wants are unlimited but means to satisfy them are limited. Therefore, all human wants cannot be satisfied with limited means. Wants differ in intensity and limited resources have alternative uses. In such a background, every consumer tries to satisfy his maximum wants. Therefore, one has to choose as to what goods one should consume and in what quantity. Economic problem arises the movement problem of choice arises. Actually speaking, economic problem is basically the problem of choice.

This question is part of UPSC exam. View all Economics courses

View all answers Start learning for free

Explore Courses for Economics exam

Why Economic problem arises?

Share with a Friend

Answer this doubt

Question Description
Why Economic problem arises? for Economics 2024 is part of Economics preparation. The Question and answers have been prepared according to the Economics exam syllabus. Information about Why Economic problem arises? covers all topics & solutions for Economics 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why Economic problem arises?.

Solutions for Why Economic problem arises? in English & in Hindi are available as part of our courses for Economics. Download more important topics, notes, lectures and mock test series for Economics Exam by signing up for free.

Here you can find the meaning of Why Economic problem arises? defined & explained in the simplest way possible. Besides giving the explanation of Why Economic problem arises?, a detailed solution for Why Economic problem arises? has been provided alongside types of Why Economic problem arises? theory, EduRev gives you an ample number of questions to practice Why Economic problem arises? tests, examples and also practice Economics tests.

Explore Courses for Economics exam