Scarcity is the root cause of all the economics problem ? Discuss.
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Scarcity is the root cause of all economic problems.
We run into scarcity because while resources are limited, we are in a society where our wants our unlimited. Therefore we have to choose. We have to efficiently allocate resources. Without scarcity , the science of economics will not exist.
Economics is the study of production, distribution, consumption of goods and services. If society would not have to make choices between what to produce, consume, distribute the study of those actions would be relatively boring.
Society would produce, distribute and consume and infinite amount of everything to satisfy human wants and needs. Everyone would receive what they need and want
But as we know this is not the case as it would ultimately lead to scarcity of resources.
therefore it's said that scarcity is the root cause of all economic problems
We run into scarcity because while resources are limited, we are in a society where our wants our unlimited. Therefore we have to choose. We have to efficiently allocate resources. Without scarcity , the science of economics will not exist.
Economics is the study of production, distribution, consumption of goods and services. If society would not have to make choices between what to produce, consume, distribute the study of those actions would be relatively boring.
Society would produce, distribute and consume and infinite amount of everything to satisfy human wants and needs. Everyone would receive what they need and want
But as we know this is not the case as it would ultimately lead to scarcity of resources.
therefore it's said that scarcity is the root cause of all economic problems
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scarcity is the root of class
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