Explain how scarcity is the undercurrent of economics

Asked by admin @ 31/08/2021 in Economy viewed by 423 People

Explain how scarcity is the undercurrent of economics?

Answered by admin @ 31/08/2021

Scarcity is our limited resources but unlimited wants. Our resources are
limited by the 4 factors of production - land, labour, capital and
enterprise.
The problem of scarcity is that our wants are always beyond what we can produce with our resources.
Scarcity is the root of all economic problems. Had there been no
scarcity of resources, there would have no economic problems and we
would not have studied economics either.

Explain why scarcity is the root of all economic problems

Asked by admin @ 02/08/2021 in Economy viewed by 274 persons

Scarcity is a root problem cause of economics.Explain

Which best explains how contractionary policies can hamper economic growth

Asked by admin @ 27/09/2021 in Social Studies viewed by 274 persons

Which best explains how contractionary policies can hamper economic growth? They increase demand. They help increase consumer debt. They reduce consumer confidence. They reduce disposable income.

Briefly explain how statistics helps to study economics

Asked by admin @ 29/08/2021 in Business Studies viewed by 392 persons

Briefly explain how statistics helps to study economics.

Briefly explain the background of economic reforms in india

Asked by admin @ 13/08/2021 in Economy viewed by 288 persons

BRIEFLY EXPLAIN THE BACKGROUND OF ECONOMIC REFORMS IN INDIA?

Which of the following explains the term economic growth

Asked by admin @ 12/08/2021 in Geography viewed by 294 persons

Which of the following explains the term economic growth? A) Increase in per capita production B) Increase in per capita real income C) both A and B

Which of the following explains the term economic development

Asked by admin @ 12/08/2021 in Economy viewed by 337 persons

2. Which of the following explains the term economic development? a. Improvement in the technology involvedb. Improvement in productionc. Improvement in distribution systemd. All the above. …

What does the concept of scarcity explain? check all that apply.

Asked by maham237 @ 25/12/2020 in Social Studies viewed by 418 persons

What does the concept of scarcity explain? Check all that apply. why a product could lose significant value over time. why people continue to purchase different products. why consumers are …

Explain the difference between economic and non economic activities

Asked by admin @ 17/08/2021 in Economy viewed by 424 persons

What is difference between economic and non-economic activities?

What is scarcity how does it relate to behavioral economics

Asked by admin @ 28/10/2021 in Business viewed by 231 persons

What is scarcity? How does it relate to behavioral economics?

Why is sustainable development essential for economic growth explain

Asked by admin @ 23/08/2021 in Social Sciences viewed by 296 persons

Why is sustainable development essential for economic growth? Give two reasons

Explain some economic effects of the non cooperation movement

Asked by admin @ 17/08/2021 in History viewed by 299 persons

Describe economic effects of non- cooperation movement ?(5 marks)

Difference between physical and economic water scarcity

Asked by admin @ 10/08/2021 in Science viewed by 367 persons

What is the Difference between Physical and Economic water scarcity

Explain how the great economic depression affected the german economy

Asked by admin @ 02/08/2021 in History viewed by 325 persons

Explain the effects of great economic depression on the German economy.

Which of the following explains why scarcity cannot be eliminated

Asked by maham237 @ 11/06/2021 in Law viewed by 328 persons

A. No matter how much is produced, people will always want more. B. The Earth's population is too large to be supported anymore. C. Humans are using the Earth's natural …