why are ecomics scarce?
Four factors are needed to produce wealth. 1) Natural Resources. 2) Labor. 3) Management. 4) Capital. From my observations, there is never a lack of management, but often a surplus of poor management, so economists are probably referring to the other three resources.
it is the best use of available scarce resources in such a way that the satifaction level is maximum..so we can say minimum usage of resources and maximum level of output.
Economists say that competitive markets are efficient because when there is competition prices are lower. The more available an item, the less it will cost the consumer.
The rich experience scarcity because resources are limited in quantity. For example, one cannot employ 200B people because the population is not enough.
Marginal benefits and marginal costs
Four factors are needed to produce wealth. 1) Natural Resources. 2) Labor. 3) Management. 4) Capital. From my observations, there is never a lack of management, but often a surplus of poor management, so economists are probably referring to the other three resources.
When resources are not freely or abundantly available you say they are scarce or limited.
it is the best use of available scarce resources in such a way that the satifaction level is maximum..so we can say minimum usage of resources and maximum level of output.
When economists say that people act rationally in their self interest they mean that
Economists say that competitive markets are efficient because when there is competition prices are lower. The more available an item, the less it will cost the consumer.
The rich experience scarcity because resources are limited in quantity. For example, one cannot employ 200B people because the population is not enough.
Marginal benefits and marginal costs
The Great Depression was a worldwide event, although many economists (but definitely not all) say that the stock market crash in the United States began it.
Its known as a trade surplus
Its known as a trade surplus
Its known as a trade surplus
Its known as a trade surplus