why is scarcity a fundamental problem in economics

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01-02-2022
Business

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why is scarcity a fundamental problem in economics

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kayazzie45 kayazzie45 · Answer 1 · 2022-02-01T14:26:41-05:00

kayazzie45 kayazzie45

01-02-2022

Answer:

Scarcity or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants.

Explanation:

Society would produce, distribute, and consume an infinite amount of everything to satisfy the unlimited wants and needs of humans.

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