Economic problem arises as a result of

Source: JAMB · 2024

Economic problem arises as a result of

  1. choice
  2. money cost
  3. opportunity cost
  4. scarcity ✓
Explanation

Scarcity is the root of all economic problems. We have unlimited wants but limited resources to satisfy them.

Choice and opportunity cost are results of scarcity, not its cause. We must choose because things are scarce.

If everything were unlimited, there would be no need for economics at all.

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