Scarcity the Economic Problem?


The problem of scarcity is an economic problem. It occurs when there are wants but not enough resources to produce everything that is wanted. When this happens there are decisions that must be made. The main decision is where to use the limited resources. One way to understand this is that you are running low on food in the house and the markets are closed. One person wants to use the ground beef to make meatballs and someone else wants hamburgers. You must decide how to use that ground beef, which is the resource.
Q&A Related to "Scarcity the Economic Problem?"
In an economic context, scarcity means that resources do not exist in unlimited quantities. Resources such as land, labor and capital-the three main factors of production in economics-are
Where resources are finite, or require active distribution, they can become unavailable in the quantities needed or desired, at least in some locations. Scarcity (a lack of sufficient
The science of economics, such as it is, revolves around the
the principle of scarcity (or perceived scarcity) is the primary motivator for all economic activity, if every thing was plentiful everywhere all the time what would people trade
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The basic economic problem is scarcity which involves a lack of resources enough to satisfy human needs and wants. These resources include land, labour, capital ...
Scarcity is a problem because it necessitates us to make choices and forego some things. This bars us from acquiring everything in plenty as we would desire and ...
Scarcity is a lack of a particular substance that a person needs to survive. In Economics, scarcity drives the prices of things up, as related to supply and demand ...
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