ECONOMICS (CBSE/UGC NET)

ECONOMICS

SCARCITY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Why is time considered to be scarce?
A
Humans live forever
B
Humans do not live forever
C
Humans can live forever because of cryonics
D
Humans do not live forever if they choose not to
Explanation: 

Detailed explanation-1: -During respiration, nitrogen and oxygen are converted into highly reactive molecules that initiate a series of biochemical changes that lead to your death. The generation of reactive oxygen and nitrogen species is an inevitable consequence of life.

Detailed explanation-2: -Lifespan refers to the maximum number of years an individual can live, making lifespan unique to everyone. The longest recorded lifespan was Jeanne Calment who lived for 122 years and 5 months, making the maximum possible human lifespan 122 years and 5 months – that is, until someone outlives Calment.

Detailed explanation-3: -Time scarcity is an awareness that time is one of the “scarce” human resources-one that can’t be restored, unlike money. Time scarcity is often experienced negatively. It’s the anxiety behind the constant, low-level sense of dread that we’ll never finish all our tasks.

Detailed explanation-4: -Humans’ life expectancy (average) is 70-85 years. However, the oldest verified person (Jeanne Clement, 1875-1997) lived up to 122 years. As a person ages, the telomeres (chromosome ends) tend to become shorter in every consecutive cycle of replication. Also, bones start getting weaker by reducing in size and density.

There is 1 question to complete.