Question

“We are not as lucky as Aladdin in real life”. Elucidate this statement.​

Answer 1

This statement implies that "We cannot get something for nothing"

Explanation:

• We can't be as lucky as Aladdin in reality. We don't have a magic lamp, though, like him we unlimited wants. The source of all economic problems is scarcity. There would not have been an economic problem if there had been no scarcity.
• We face a shortage because there is insufficient supply of things that satisfy our needs. The resources available to producers are limited and alternate uses are also available.
• Take the case of food that you eat every day. It fulfills your need for nourishment. Agriculture farmers grow crops producing your food. Resources such as land, labor, fuel, fertiliser, etc. are available at any time in agriculture. There are alternative uses of all such resources.
• The same resources can be used in the production of non-food crops' production such as cotton, rubber, jute, and so on. Alternative use of resources thus creates the problem of choosing between various goods which can produced by such resources.

To know more

What do you mean by scarcity in economics for claas11? - Brainly.in

https://brainly.in/question/4884607

Answer 2

Answer:

the above mentioned answer is correct

Explanation:

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