what occurs when there are limited resources but unlimited wants and needs
Economic problem The economic problem – sometimes called the basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. It assumes that human wants are unlimited, but the means to satisfy human wants are limited. Economy problem is the problem of rational management of resources or the problem of optimum utilisation of resources.it arises because 1 resources are scarce and 2