BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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does not apply to rich, developed countries.
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applies only to the less developed countries.
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implies that consumers wants will be satisfied in a socialistic system.
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implies that consumers wants will never be completely satisfied.
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Detailed explanation-1: -The law of scarcity defines that human wants are unlimited and resources available are limited and have alternative uses. Therefore, there will be always some wants which will remain unsatisfied, since the available resources will have to be allocated so as to produce those goods which will maximise satisfaction.
Detailed explanation-2: -The Law of Scarcity simply states: If what we desire “appears” to be in limited supply, the perception of its value increases significantly. Economists will go to great lengths to explain the mathematical principles controlling this phenomenon, but its practical essence is captured above.
Detailed explanation-3: -Expert-Verified Answer. d ) Implies that consumers wants will never be completely satisfied.
Detailed explanation-4: -Answer and Explanation: The correct answer is d. The problem will exist as long as resources are available in limited amounts.
Detailed explanation-5: -Societies can deal with scarcity by increasing supply. The more goods and services available to all, the less scarcity there will be. Of course, increasing supply comes with limitations, such as production capacity, land available for use, time, and so on. Another way to deal with scarcity is by reducing demand.