The fundamental economic problem is the issue of scarcity – but unlimited wants. Therefore, an underlying feature of economics is concerned with dealing how to allocate resources in society to make the most efficient and fair use of resources. Basic Economic Problem
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Human wants and scarcity
Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. Therefore This situation requires people to make decisions https://www.worldatlas.com/articles/what-is-scarcity.html
