Answer to Question #90996 in Microeconomics for Anagha ifeanyi imo

Question #90996
It is orthodox to say people's desire has no boundaries from the time past even in the face realistic limited resources, individual agents never stop to want more of economic output. Kindly enlightened me about it.
1
Expert's answer
2019-06-21T09:18:37-0400

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 limitless wants, so there is never enough of something to satisfy all human wants, even at advanced states of human technology. Scarcity involves giving something up, or making a tradeoff in order to obtain more of the scarce resource that is wanted.


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

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
APPROVED BY CLIENTS