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ECONOMIC PROBLEM

Economics is often described as a body of knowledge or study that discusses how a society tries to solve the human problems of unlimited wants and scarce resources. Because economics is associated with human behaviour, the sttidy of economics is classified as a social science.

Because economics deals with human problems, it cannot be an exact science and one can easily find differing views and descriptions of economics. ln this we discuss about the elements that constitute the sh1dy of economics, that is, wants, needs, scarcity, resources, economic choice, goods and services. The economic problem arises because our wants are unlimited and the resources, which satisfied our wants, are limited. The resources are divided into two categories i.e., natural resources, and man-made resources.

Definitions

Some definitions of different economists related to Economic Problem given as under:

Prof. Erich RollEconomic problem is essentially a problem arising from the necessity of choice of manner in which limited resources with alternative use are disposed of It is a problem husbandry of resources.

Robert AwhEconomic problem is the problem relating to the necessity of choosing what, how and for whom to produce and how to achieve economic growth. 

Leftwich-Economic problem is concerned with the use of scarce resources among alternative human wants and in using these resources towards the end of satisfying wants as fully as possible.