--%>

Why every society confronts the problem of scarcity

Each society confronts the problem of scarcity since: (i) human wants are virtually limitless relative to the resources obtainable. (ii) technology, resources and human potential are limitless. (iii) most people can't have enough money the goods they require. (iv) human beings become satiated as consumption raises. (v) government bureaucracies make production inefficient.

Can someone give explanation with best solution about problem of economic concept of scarcity...

   Related Questions in Public Economics

  • Q : Illustrate when firm shuts down

    When a firm shuts down within the short run,: w) its loss equals zero. x) its loss equals its fixed cost. y) is creates zero economic profit. z) its total revenue is not huge adequate to cover its fixed cost. How c

  • Q : Determine gross investment for

    Hey friends please give your view for the problem of investment in Economic that is given below: If a firm buys $50 million worth of new machinery to replace worn out equipment that originally cost $3 million,

  • Q : Define the inflation most influences

    Please help me to solve the problem of Prices that is given below: Inflation most influences: (i) absolute prices. (ii) subjective values. (iii) relative prices. (iv) objective prices. (v) tax rate

  • Q : Why is a wristwatch a model of the

    A wristwatch is a model of the passage of time since it gives a: (w) simple representation of a complex process. (x) good illustration of modern technology. (y) way to coordinate human activity. (z) unique statement of one's personality.

    Q : Social economics and philosophy

    The early school of social economics and philosophy which strongly emphasized education like a mechanism for social reform were: (i) utilitarians. (ii) physiocrats. (iii) mercantilists. (iv) classical. (v) neoclassical.

    Q : Explain about the NO economic reform NO

    NO economic reform could probably: (w) remove scarcity. (x) decrease the average costs of production. (y) abolish equality in income distribution. (z) increase wages for most workers. How can I solve my eco

  • Q : Determine the opportunity cost while

    While people buy something, then its opportunity cost is the: (w) monetary price they paid. (x) enjoyment they get by their purchase. (y) satisfaction they lost by not buying something else. (z) time they should work to pay their bills.

    Q : Example of Normative Economics with no

    A statement which needs no value judgments would be which an optimal distribution of goods is: (w) invariably best for society. (x) better for society than any non-optimal distribution of goods. (y) better for society only when this conforms to the will of the majorit

  • Q : Limitation of resource category of

    I need a good answer on the topic of Economic problems. Please give me your suggestion that the economists’ resource category of “land” would not contain: (1) coal, petroleum, and other minerals. (2) the fish and water within the oce

  • Q : Economic models assumptions regarding

    Economic models based upon assumptions such that singles pursue their own self interests aspect that: (i) Generally predict better than models which assume humanitarian motives. (ii) Yield dubious outcomes for economics. (iii) Distort the economy with