Explqin the following statements:-
1. Wants are unlimted.
2. Needs are to be satisfoed in
order in terms of necessities.
3. Resources have alternative usages also .
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Answer:
1) wants are unlimited
Unlimited wants essentially mean that people never get enough, that there is always something else that they would like to have. When combined with limited resources, unlimited wants result in the fundamental problem of scarcity.
2) Needs are to be satisified in order in terms of necessities
A need is something that is necessary for an organism to live a healthy life. Needs are distinguished from wants. In the case of a need, a deficiency causes a clear adverse outcome: a dysfunction or death. In other words, a need is something required for a safe, stable and healthy life (e.g. air, water, food, land, shelter) while a want is a desire, wish or aspiration. When needs or wants are backed by purchasing power, they have the potential to become economic demands.
3) Resources have alternative usage
Resources in the economy are scarce and if these resources have alternative uses, and demand exists for all the commodities that will be produced. The producer will then face the problem of choice between the utilization of various resources for the production of the different commodities demanded in the market.
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