BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Everyone has them, and they change.
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Entrepreneurs do not invest enough of them.
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There are so many that people must decide which ones to choose at any one time.
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There are not enough available so that everyone can have as much of them as desired.
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Detailed explanation-1: -Resources are scarce because we live in a world in which humans’ wants are infinite but the land, labor, and capital required to satisfy those wants are limited. This conflict between society’s unlimited wants and our limited resources means choices must be made when deciding how to allocate scarce resources.
Detailed explanation-2: -Human wants are unlimited. we may satisfy some of our wants but soon new wants arise. It is impossible to produce goods and services so as to satisfy all wants of people. Thus scarcity explains the relationship between limited resources and unlimited wants and the problem there in.
Detailed explanation-3: -When resources are limited, “competition, ” increases and some populations of organisms will decrease. Some individuals may even be weaker or smaller without the resources they need. Natural disasters, environmental changes, and humans can all have an effect on the availability of resources.
Detailed explanation-4: -Because these resources are limited, so are the numbers of goods and services we can produce with them. Combine this with the fact that human wants seem to be virtually infinite, and you can see why scarcity is a problem.