Scarcity is the basic economic problem because resources are limited.
Scarcity is a basic economics problem, it indicate limited resources.
Resources are know be limited, because human population and demands are more than the available resources, goods and services.
It means that the demand for a goods, service and product is more than the available goods or services. The presence of limited resources reduce the choice of consumer to what is available and not what they want.
Scarcity is a period of lack and want and it is important to accurately distribute the available resources.
Therefore, Scarcity is the basic economic problem because resources are limited.
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