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Does the fact that something is abundant mean it is not scarce in the economic sense?
No, not necessarily. The Economic definition of scarcity means that the supply of the resource is bounded. Even something that is abundant is still quantifiable and thus bounded. (I.E. My country gets a good harvest of corn and there is so much corn that the price drops, corn is still scarce - in an economic sense - because it will still run out.) However, love, courage, fear, and other emotions cannot be measured using the economic concepts of scarcity (because these things cannot be bounded) and so the abundance of love does not affect its economic scarcity.
A consequence of the economic problem of scarcity is that?
Scarcity restricts options and demands choices
The economic premise states that?
scarcity is the universal economic problem.
Is scarcity as an economic problem?
YES!
How scarcity causes economic problem?
how
Does the fact that something is abundant mean it is not scarce in the economic sense?
No, not necessarily. The Economic definition of scarcity means that the supply of the resource is bounded. Even something that is abundant is still quantifiable and thus bounded. (I.E. My country gets a good harvest of corn and there is so much corn that the price drops, corn is still scarce - in an economic sense - because it will still run out.) However, love, courage, fear, and other emotions cannot be measured using the economic concepts of scarcity (because these things cannot be bounded) and so the abundance of love does not affect its economic scarcity.
What is economic resource difficulty?
The main economic resource of difficulty is scarcity of resources.
A consequence of the economic problem of scarcity is that?
Scarcity restricts options and demands choices
The economic premise states that?
scarcity is the universal economic problem.
How scarcity causes economic problem?
how
Is scarcity as an economic problem?
YES!
The fundamental economic problem is?
Scarcity.
What allocates the economic resources of the nation?
scarcity
What is the basic fact of economic life?
Scarcity
Why scarcity is important in economic?
if there is an scarcity in land or resources the and the demand will be high then the price will go up.
Multiplicity of wants and scarcity of means are two foundation stones of economics?
Economic problem in essence is the problem of scarcity of resources in comparison with human wants. In everyday life, we encounter many economic problems, poverty, unemployment, inflation etc, but if we start analyzing them, we will find that every problem has it's roots in the fundamental problem of scarcity of resources. Scarcity forces choices in consumption and production of goods. Scarcity creates conflicts. Scarcity means that not every body is getting everything he wants and there will be losers and winners. Scarcity arises because of two underlying conditions: Physical condition, that is, limited productive resources and a mental condition that is , unlimited wants. Physical limits do not alone-establish scarcity-in an economic sense. It is the human wants which make resources insufficient. Wants are unlimited, people want much more than just necessities. So the bitter fact is economic problem is permanent.
What determines how much economic value something has?
scarcity
