GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Does not apply to developed and rich countries
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Applies only to less developed countries
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Implies that the consumers’ want will be satisfied in a socialist economy
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Implies that consumers’ want 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.
Detailed explanation-3: -Expert-Verified Answer d ) Implies that consumers wants will never be completely satisfied.
Detailed explanation-4: -4. Scarcity implies that: A. consumers would be willing to purchase the same quantity of a good at a higher price.
Detailed explanation-5: -The resources available to mankind are limited, however, the wants of the people are unlimited in nature. This leads to a shortage of resources, which satisfy these wants, which is termed as scarcity.