Answer:
In the case presented above, Explanation makes it easier by community with epithet about the problem and what the next step is going to be
Economic problems exist in all society; it’s dealing with how to manage scares resources. Since man needs and wants is unlimited, the available resources to meet up with both the needs and want is limited. Economics problem appears very complex and many factors are responsible for it.
An economic problem basically is the problem of allocating resources. Some of the causes of economic problem are unlimited wants and limited resources.
Unlimited wants: human want is unending; soon as an individual is satisfied, new want surfaces. There are lots several wants an individual can’t do without such as food, shoe etc.
Limited resources: this is known as scarcity. It is when the production of goods and services are not meeting up with the demand.
People barely understand the root causes of economic hardship and for them to have a clearer picture of what the root causes are, a simple explanation will make it easier to identify the problem and the next step to be taken in order to solve it.
Economic issues should be communicated in a simpler form, so that the people can have a better understanding of the real issue at hand and how to tackle it.
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KEYWORDS:
- causes of economic
- economic problems
- economic problem
- unlimited wants
- limited resources
