Scarcity of resources applies to all
a. Individuals
b. Organisations
c. Countries
d. States
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Answers
Explanation:
a) Individuals is correct option.
Answer:
The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity.
At any moment in time, there is a finite amount of resources available. Even when the number of resources is very large, it’s limited. For example, according to the U.S. Bureau of Labor Statistics, in 2016, the labor force in the United States contained more than 158 million workers—that’s a lot, but it’s not infinite. Similarly, the total area of the United States is 3,794,101 square miles—an impressive amount of acreage, but not endless. Because these resources are limited, so are the numbers of goods and services we can produce with them. Combine this with the fact that human wants seem to be virtually infinite, and you can see why scarcity is a problem.A scarcity of resources arises when the resources or means to fulfil an end are either limited or costly.
Scarcity is an economic problem. It calls for the economic allocation of scarce resources to fulfil unlimited wants or needs.
Free natural resources could also become scarce resources due to the incremental costs of obtaining them and consuming them. Scarcity also arises in the case of an increase in demand in comparison to its availability.
Lionel Robbins defined 'Economics' as "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses". Thus, the study of 'Economics' facilitates the allocation of scarce resources.
In simple terms, money and time are among the most scarce resources. People have too little of the former, the latter, or both. People who have little or no work would have abundant time, but little money to pay for their basic necessities. People who have professionally demanding jobs might have enough earnings for retirement, but yet insufficient time to eat and rest.
Scarcity of a commodity or resource is relative to its demand. A resource which is of no use or not known to the people would not be scarce even when it is limited in nature.