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Introduction

Question

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Why does an economic problem arise?

Solution

Scarcity of resources having alternative uses in relation to unlimited wants gives rise to economic problem.

Some More Questions From Introduction Chapter

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

What is meant by goods?

Define services.

What is meant by commodities?

What is meant by an economy?

What are vital functions of an economy?

Name three basic economic activities of life.

What is meant by an economic problem?

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