Answer to Question #80130 in Microeconomics for Elisha omoifo

Question #80130
“it is orthodox to say people’s desire has no boundary from the time past, even in the face realistic limited resources, individual agents never stop to want more of economic output”.In not less than 180, and not more than 250 words, validate the above statement and discuss with relevant details.
1
Expert's answer
2018-08-28T09:33:08-0400
This statement is true, because according to the concept of scarcity people's wants are unlimited even if resources are limited.
Scarcity refers to a gap between limited resources and theoretically limitless wants. The notion of scarcity is that there is never enough (of something) to satisfy all conceivable human wants, even at advanced states of human technology. Scarcity involves making a sacrifice — giving something up, or making a tradeoff — in order to obtain more of the scarce resource that is wanted.
Source:
https://en.m.wikipedia.org/wiki/Scarcity

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

Assignment Expert
05.11.18, 22:58

Dear visitor, please use panel for submitting new questions

Olabinjo Olakunle Adebola
04.11.18, 12:26

“it is orthodox to say people’s desire has no boundary from the time past, even in the face realistic limited resources, individual agents never stop to want more of economic output”.

Assignment Expert
02.11.18, 19:07

Dear Raphael, You're welcome. We are glad to be helpful. If you liked our service please press like-button beside answer field. Thank you!

Raphael
02.11.18, 01:32

I am so much happy and i recommend this platform,

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS