True or false? Scarcity is the condition of finite resources. Explain your answer.
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True or false? Scarcity is the condition of finite resources. Explain your answer. |
Explanation
Scarcity is the gap between the unlimited human wants and the limited resources available. Scarcity only occurs at the place where wants are infinite and resources are finite. It is a result of the clash between the unlimited wants and limited resources. Every resource has alternative uses, which gives rise to scarcity. If finite resources are sufficient to satisfy all the wants of people, then scarcity would not exist.
The wants exceed the resources, which means that the resources needed to satisfy the wants of an individual are limited.
Verified Answer
Scarcity is the condition of finite resources combined with infinite wants of people. If the wants of people are limited, finite resources would be sufficient to meet the demands of people and scarcity would not exist.
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