GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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We must develop way to decrease our individual wants
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Not all wants can be satisfied.
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Resources can not satisfy any want
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Resources are very scarce and shall not be used at all
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Detailed explanation-1: -According to the concept of scarcity, it is believed that resources are scarce, while there are unlimited human wants, which results in some wants remaining unsatisfied.
Detailed explanation-2: -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-3: -Scarcity of resources leads to both unsatisfactory wants and evaluation of alternative uses of these resources. The resources present in the economy are limited whereas the human wants are never ending and unlimited. Due to this all wants cannot be fulfilled. Hence, they remain unsatisfied.
Detailed explanation-4: -The scarcity problem arises because our needs and wants are unlimited. While an increase in the productivity of our resources increases our capacity to produce more goods and services, it will still not be enough to satisfy all our needs and wants since our needs and wants are unlimited.