Sg-a-level-h1-economics Practice Questions - Sg-a-level-h1-economics Exam

What is the fundamental cause of the central economic problem faced by all societies?

Scarcity arising from limited economic resources relative to unlimited human wants and needs Government failure in regulating market mechanisms and income distribution Overproduction of luxury consumer goods relative to capital goods High inflation rates coupled with rapid population growth

Correct Answer:

Scarcity arising from limited economic resources relative to unlimited human wants and needs

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