the study of how to meet unlimited wants and limited resources is economics.
is the study and practice of marketing useless
Products are innovated for different purposes such as meet the needs and wants of the customers and for retain the market share.
A real market oriented firm will be able to meet the wants and the needs of its clients by all means.
provides goods and service to their customers and meet all customer needs/wants. remember customers are time value to the company.
In ideal situations, needs should create marketing. The best value comes when a marketing department identifies various needs and develops products that are going to meet those needs at a profit.
Scarcity
The economic concept of Scarcity is where humans have unlimited needs and wants, but the world has limited resources to meet all those demands.
It is a basic problem of economics: There are limited economic resources (land, raw material, labour, capital and intellect.) to meet with unlimited and recurring wants. We have to make choice between available aternate resources to meet with these recurring wants.
Scarcity is the result of limited resources being available to satisfy the wants and needs of citizens. It is important for people to buy and store resources in bulk to prevent scarcity.
Economics is the social science concerned with the production, distribution, and consumption of wealth and the allocation of scarce resources in order to meet apparently unlimited human wants.
Scarcity
Economics
In economics, scarcity refers to the fundamental problem of having limited resources to meet unlimited human wants and needs. It highlights the imbalance between finite resources, such as time, money, and materials, and the infinite nature of desires for goods and services. This concept necessitates choices and trade-offs, as individuals and societies must prioritize certain needs and wants over others. Scarcity drives the study of how resources are allocated and managed within economies.
false
ECONOMICS
Economics
The study of economics is important because without it we would not be able to understand the impact of the developments in business, society, and the world economy. It also allows us to comprehend the decisions of households, firms, and government based on human behavior, beliefs, structure, constraints, and needs. The study of economics is important in the sense that it teaches us how to make rational use of our scarce resources in order to meet our unlimited wants.