An economic problem refers to any such problem in the economy that is concerned with the production of goods and services to satisfy the unlimited wants of the economy through the utilization of scarce resources.
The economic problem, in the context of class 11 economics, refers to the problem of scarcity of resources in the face of unlimited human wants. It is the fundamental problem of economics and is concerned with how to allocate scarce resources among competing uses in the most efficient way possible. The economic problem arises because human wants are unlimited, while the resources to satisfy those wants are limited. As a result, individuals, firms, and governments must make choices about how to allocate resources in order to maximize their benefits.
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Answer:
An economic problem refers to any such problem in the economy that is concerned with the production of goods and services to satisfy the unlimited wants of the economy through the utilization of scarce resources.
Explanation:
The economic problem, in the context of class 11 economics, refers to the problem of scarcity of resources in the face of unlimited human wants. It is the fundamental problem of economics and is concerned with how to allocate scarce resources among competing uses in the most efficient way possible. The economic problem arises because human wants are unlimited, while the resources to satisfy those wants are limited. As a result, individuals, firms, and governments must make choices about how to allocate resources in order to maximize their benefits.