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The study of economics is necessary in a situation of abundance resources?
Wiki User
∙ 14y ago
is the study of economics necessary in a situation of abundant
Jimmy Mueller
Wiki User
∙ 13y agoWithout a study of economics, one can easily turn into a "resource curse" which contributes to poverty in the resource-rich countries in Africa. A study of economics help people find the most efficient way to utilize those rich resources in a non-wasteful way so that the standards of living can increase.
However, as economics is the study of the scarce, IF there is UNLIMITED (by that, it means that the resources will never run out, even after 1.000.000.000.000.000.000 years and such - resources are infinite) then economics as we know it does not exist since all goods are treated as air and sun shines in the new world.
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Is study of economics necessary in a situation of abundant resources?
is the study of Economics necessary in a situation of abundant
Is the study of economics necessary in a situation of abundant resources?
is the study of economics necessary in a situation of abundant
What is the scientific definition of economics?
According to Princeton University, Economics is the study of the production, distribution and consumption of goods and services. Answer Economics is usually defined as the problem of how best to distribute limited resources, limited because wants are characterized as unlimited, but common sense tells us that rather than limited resources, there is an abundance of resources. The difference is one of perspective and this is core to any alternative understanding of economics. If wants are the focus, then of course resources are limited by definition, but if minimum needs or essentials are used as the foundation, then resources are seen to be abundant. The difference is between a description and an explanation. A focus on wants or desires describes a market situation, while a focus on essentials or needs allows an explanation of choices to begin. It is necessary to shift the basis of economic theory away from assumptions of scarcity and onto that of the reality of high production if a rational explanation is to be found as to why certain activities are profitable and others, despite their desirability on social or moral grounds, are not. This begins with the understanding that an abundance of resources means that not all need to work productively and that some use more resources than others. Who shall be the lucky ones and how to keep the unlucky quiet is fundamental to the running of most economies. Abundance is therefore an economic problem because the choices opened up by having more resources than is strictly needed to live presents a danger to those processes of production and the command that some have over resources that created the abundance in the first place. Why does so much waste exists along side so much poverty in the world? The orthodox assumption of scarcity has survived even the staggering levels of surplus of modern economies because this assumption suits the needs of those who command resources and who prefer to ensure that the economy does not become democratized; that unpleasant tasks are done by someone else, that some win and many lose. An Economic theory based not on scarcity but on abundance is a theory that seeks not to describe distribution but to explain choices. The development of such a theory would undercut the dominance of those satisfied with the current methods of production and control over resources. It would do so by revealing the choices made to limit the production of essentials and to divert resources to the production of luxury and fashion goods. A distribution of resources currently labeled "scarcity". The economy has failed in the world because it has crashed mostly.
In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
When people confront scarcity and the way they handle satisfying wants with limited resources is called?
The situation is called Tailoring Economics. With limited resources, you are indeed tied with your choices and are to be satisfied with whatever is available in the scarce scenario.This is reminiscent to the proverb 'Cut your coat according to your cloth'.
Is study of economics necessary in a situation of abundant resources?
is the study of Economics necessary in a situation of abundant
Is the study of economics necessary in a situation of abundant resources?
is the study of economics necessary in a situation of abundant
How can you use economics in a real life situation?
Economics is all about real life situations. All resources are limited and economics is simply about making decisions to use those resources efficiently.
What is the scientific definition of economics?
According to Princeton University, Economics is the study of the production, distribution and consumption of goods and services. Answer Economics is usually defined as the problem of how best to distribute limited resources, limited because wants are characterized as unlimited, but common sense tells us that rather than limited resources, there is an abundance of resources. The difference is one of perspective and this is core to any alternative understanding of economics. If wants are the focus, then of course resources are limited by definition, but if minimum needs or essentials are used as the foundation, then resources are seen to be abundant. The difference is between a description and an explanation. A focus on wants or desires describes a market situation, while a focus on essentials or needs allows an explanation of choices to begin. It is necessary to shift the basis of economic theory away from assumptions of scarcity and onto that of the reality of high production if a rational explanation is to be found as to why certain activities are profitable and others, despite their desirability on social or moral grounds, are not. This begins with the understanding that an abundance of resources means that not all need to work productively and that some use more resources than others. Who shall be the lucky ones and how to keep the unlucky quiet is fundamental to the running of most economies. Abundance is therefore an economic problem because the choices opened up by having more resources than is strictly needed to live presents a danger to those processes of production and the command that some have over resources that created the abundance in the first place. Why does so much waste exists along side so much poverty in the world? The orthodox assumption of scarcity has survived even the staggering levels of surplus of modern economies because this assumption suits the needs of those who command resources and who prefer to ensure that the economy does not become democratized; that unpleasant tasks are done by someone else, that some win and many lose. An Economic theory based not on scarcity but on abundance is a theory that seeks not to describe distribution but to explain choices. The development of such a theory would undercut the dominance of those satisfied with the current methods of production and control over resources. It would do so by revealing the choices made to limit the production of essentials and to divert resources to the production of luxury and fashion goods. A distribution of resources currently labeled "scarcity". The economy has failed in the world because it has crashed mostly.
What are two questions to help a person assess whether a situation is stressful?
Is this situation a threat to my well-being? Do I have the necessary resources (such as time, energy, skills, and experience) to meet the challenge?
In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
What is disadvantages of having an abundance?
Having an abundance can lead to wastefulness and complacency. It may also create dependence on that abundance, making it difficult to adapt if the situation changes. Additionally, an abundance can sometimes depreciate the value of what is abundant.
When people confront scarcity and the way they handle satisfying wants with limited resources is called?
The situation is called Tailoring Economics. With limited resources, you are indeed tied with your choices and are to be satisfied with whatever is available in the scarce scenario.This is reminiscent to the proverb 'Cut your coat according to your cloth'.
What concession to reality does Tom makr in his plan to dig out Jim?
Tom finally agrees to involve adults in the plan to dig out Jim, realizing that in such a serious situation, it is necessary to seek help from responsible individuals with the necessary skills and resources. This concession acknowledges the gravity of the situation and the importance of adult intervention.
Cause and Effects of Malnutrition in Economics situation of the Philippines?
pak u
How managerial economics is related to the decision making?
In managerial economics, managers in depth analyze all the economic situation of the country. After the in depth analysis they take the decisions. In this way economics is integrated with decision making.
In economics what is a situation where the goal of efficiency is being met?
When you do something with as little waste as possible.
