Explain the meaning of economising of Resources.
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“the foundation of economic is the economizing problem:
socity'S material wants are unlimited while recources are limited or scarce. unlimited wants (the first fundamental facts):economic wants are disires of people to use goods and services that provide utility ,which means satisfaction."
socity'S material wants are unlimited while recources are limited or scarce. unlimited wants (the first fundamental facts):economic wants are disires of people to use goods and services that provide utility ,which means satisfaction."
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Resources are scarce in nature. They should be consumed sparingly with minimal wastage. Economizing of resource refers to the art of consuming resources carefully and sparingly in satisfaction of human wants. Some resources are very limited in supply but they are recurrently consumed by individuals such kind of resources should be used with a lot of care.
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