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Basic Problems of An Economy — Economics STD 9 — Question

ICSE BoardEnglish MediumSTD 9EconomicsBasic Problems of An Economy2 Marks
Question
Define an economic problem. Why does it arise?
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Answer

The problem of selection of commodities to be produced and consumed by the society is called choice problem or economic problem.
(i) Scarcity of resources
(ii) Unlimited human wants.

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