Why do economic problems arise from scarcity?

Why do we have to make choices and trade-offs? Why does it cost money to produce and consume the goods society wants? read more

Note: There are a LOT of great answers to this question on Quora already. Here’s a quick overview. If you search the site, you will find some great responses for a deeper dive. ——-——-——-——-——-——-——-——-——-——-——-——-——-——-Scarcity is essentially the notion that resources are available in limited supply. read more

Economic problem arises from the scarcity of resources relative to human wants. Thus unlimited wants and scarce resources lead to the origin of the basic economic problem in all types of economies, rich or poor. read more