"if human wants are limited then there will be not be any economic problem in the economy". do you agree with the statement. elaborate.
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yes here is ur answer for you dear
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The statement is True
- Economics is concerned with resource allocation for creation of various commodities and services in economy to meet human needs.
- These resources are limited and have several applications, but human desires are limitless. The greatest and most serious limitation in life is scarcity.
- Assume people having much money and buying everything they want. Nobody would work in such a scenario, and there will be no output, costs, or even profits. There will be no exchange rates or commerce, implying no ideas or economics will be required.
- People, however, are constrained by their income, and cannot spend more than planned. Similarly, the same is true for economy as a whole.
- A country sets policies, plans, and considers efficiency as it is constrained geographically, socially, economically, and politically. It must achieve the best of what it has. The primary issue is to discover the most effective solution provided the restrictions.
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