ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Because time is a scarcity
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Because there was more value in eating 2 more slices of pizza
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Because Mom forgot
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It’s never ok to be late to Economics
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Detailed explanation-1: -Keynes defined economics as the study of the economy in terms of model and finding the relevant models and applying them to the real world problems. Unlike the classical economists, Keynes believed that government should play an important role in the working of the economy, when imbalances occur in the market.
Detailed explanation-2: -A third theoretical mechanism suggests that economics students behave more selfishly due to their greater skepticism about the fair behavior of other people [8, 30, 31]. This mechanism is derived from more general theorizing on social norms [32–35].
Detailed explanation-3: -British economist John Maynard Keynes spearheaded a revolution in economic thinking that overturned the then-prevailing idea that free markets would automatically provide full employment-that is, that everyone who wanted a job would have one as long as workers were flexible in their wage demands (see box).
Detailed explanation-4: -The allocation of various scarce resources which have alternative uses that are utilized for the production of various commodities and services in the economy for the satisfaction of unlimited human desires is known as problem of choice.