Origin of scarcity problem for each economic activity

Can anybody suggest me the proper explanation for given problem regarding problem of scarcity in economics generally.

The problem of scarcity means that the origin for each economic activity is to: (v) facilitate social and political freedom. (w) maximize employment, economic development and purchasing power. (x) give goods for people who need them. (y) make sure the survival of human beings like a species. (z) maximize the profits of business firms.

View Complete Question

Related Questions in Macroeconomics

Q : Expanding consumption of a good I have

I have a problem in economics on Expanding consumption of a good. Please help me in the following question. Your consumption of a good tends to expand if it’s: (i) Relative marginal utility surpasses its relative price. (ii) Total utility is les

Q : Market Economy Explain the statement "

Explain the statement "Hypothes is the basic short run and long run behaviors of the airline industry in a market economy".

Q : Problem related to rising GDP Between

Between 1961 and 2007, the rising share of the Canadian population in paid employment contributed to rising GDP per person. But suppose that the share of the Canadian population in paid employment had remained constant between 1961 and 2007. What would Canadian GDP pe

Q : FED targeting the interest rate versus

What is the main difference between FED targeting the interest rate versus inflation and which one is Bernanke using nowadays? Name some countries which use this method nowadays.

Q : Calculating Trade balance Suppose the

Suppose the value of exports of goods of a country is Rs. 1,000 crores and the value of imports of goods is Rs. 1,200 crores, what will be the trade balance (or balance of trade)?

Q : Illustration of arbitrage The

The illustration of arbitrage takes place when: (1) Enterprising students purchase used textbooks much cheaply on E-Bay and sell them to another students at lower prices than bookstore charges. (2) Ivan purchases a stock when it is cheap and sells it

Q : Transfer of wealth problem The transfer

The transfer of wealth from developed countries to oil exporting countries (abbreviated as OPEC) which followed sky-rocketing oil prices in the year 1970s points out that the price elasticity of demand for oil was: (i) Unitary. (ii) Relatively high. (

Q : Redistribution of Income through budget

Redistribution of Income: Each and every economy strives to achieve a society, where inequality of income and wealth must be minimum. In order to attain this objective via government budget the government spends adequate money on social security schem

Q : Discount rate-Prime rate and the

What is the difference among the discount rate, prime rate and the subprime rates of interest? Which interest rate in particular build the 2008 recession? Explain how that happened.

Q : The failure of the Supercommittee

Question: Some commentators have argued that the failure of the "Supercommittee" is good thing for the economy? Do you argree? Answer:

Discover Q & A

Leading Solution Library

Avail More Than 1419457 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1932109
Asked

3,689

Active Tutors

1419457

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment