Basic Problems of Economics | Scarcity and choice are the cardinal problems faced by economists and the society at large. The study of economics is necessitated by scarcity and the problem created by scarcity has led to choice.

What is Labour Mobility? Labour mobility or mobility of labour means the ease with which labour can move both geographically and occupationally. That is, labor mobility refers to the flexibility with which the workforce can relocate. This is an important variable for the economic study since work is one of the...