The basic economic problem arises because
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Answer and explanation
Answer: A. wants are unlimited but resources are limited
Scarcity forces us to make choices.
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Class 9 · Social Science · Understanding Society: India and Beyond - Part I
8. Building Blocks in Economics: The Problem of Choice
Scarcity means
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Answer and explanation
Answer: B. resources are not enough to satisfy all wants
Scarcity is the gap between wants and available resources.
Open this question →Land, labour, capital and entrepreneurship are together called
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Answer and explanation
Answer: A. factors of production
These inputs are combined to produce goods and services.
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