BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An unlimited amount of resources to meet limited wants and needs
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A limited amount of resources to meet unlimited wants and needs.
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When people use time and energy to create events
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a city where individuals commit themselves to unlimited wants and needs
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Detailed explanation-1: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.
Detailed explanation-2: -The economic problem of scarcity arises because needs and wants are unlimited and the resources (or means) to fulfil these wants are limited. The statement is indeed true.
Detailed explanation-3: -The fact that there is a limited amount of resources to satisfy unlimited wants. Economic resources. Things that are inputs to production of goods and services. There are four economic resources: land, labor, capital, and technology.
Detailed explanation-4: -Demand scarcity: When there is a high demand for a resource or product, due to increasing populations or changes in preferences. Supply scarcity: When the supply or resource is low or out, due to weather, disasters or resource depletion.
Detailed explanation-5: -Understanding Scarcity In his 1932 Essay on the Nature and Significance of Economic Science, British economist Lionel Robbins defined the discipline in terms of scarcity: Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.