--%>
Assignment Help - homework help

What is Scarcity Definition of economics

What is Scarcity Definition of economics?

E

Expert

Verified

Lionel Robbins said Economics is the science which studies human behaviour as a relationship among ends and scares means which have another use. He stressed on the importance of four fundamental characters of human existence such as:


i) Unlimited wants
ii) Scarcity of means
iii)  Alternate uses of scarce means
iv) The Economic Problem

   Related Questions in Managerial Economics

  • Q : Income and Substitution Effects When

    When the income effect of a higher wage rate is extremely powerful in that case the substitution effect, the: (1) supply curve of labor will be positively sloped. (2) demand for leisure increases like income rises. (3) human capital effect is stronger

    		•
  • Q : Earning price in Human capital As per

    As per shown in this graph, the average high school graduate will earn around: (1) $12,000 yearly. (2) $20,000 yearly. (3) $45,000 yearly. (4) $90,000 yearly. (5) $100,000 yearly.

    Q : Illustrates the term Demand Function

    Illustrates the term Demand Function?

    		•
  • Q : Succeed and surviving of a cartels A

    A cartel is more likely to succeed and survive when: (w) members respond to incentives to cheat. (x) fringe producers are not members. (y) total market demand is less elastic. (z) close substitute goods are simply developed.

    Q : Costs of investing in human capital The

    The costs of investing in human capital are probably to be borne through an employer when the human capital is: (1) general. (2) marginal. (3) precise. (4) generic. (5) specific. Can someone explain/help me with be

    		•
  • Q : Illustrates the major objectives of

    Illustrates the major objectives of demand analysis?

    		•
  • Q : Least wage elastic demand for labor For

    For labor Plastibristle’s demand for labor is least wage elastic at: (i) point a. (ii) point b. (iii) point c. (iv) point d.

    Q : Purely competitive equilibrium labor

    When this purely competitive labor market is firstly in equilibrium at D0L, S0L, an increase within the price of output will result into equilibrium being attained at: (w) D0L, S0L. (x) D1L, S1L. (y) D2L, S1L. (z) D1L, S0L.

    Q : Explain about leading indices Explain

    Explain about leading indices.

    		•
  • Q : Consuming extra units of goods The

    The observations that whenever output is expanded, the costs ultimately grow faster than output, and that the enjoyment people receive from consuming additional units of a specific good ultimately declines, both pursue logically from the law of: (1) Unexpected effects

    		•