Scarcity exists even when certain goods are available at zero price. D...
Introduction
Scarcity is a fundamental problem in economics, which arises due to the limited availability of resources and unlimited wants of humans. It is a situation where the demand for a particular good or service exceeds its supply. Many people believe that scarcity only exists when goods are priced and that zero-priced goods are not scarce. However, this is not entirely true.
Scarcity exists even when goods are available at zero price
Scarcity exists even when certain goods are available at zero prices. This is because the availability of goods or services at zero prices does not mean that they are unlimited or free. There are still costs associated with producing and distributing these goods, which means that they are not entirely free.
Opportunity cost
Another reason why scarcity exists even when goods are available at zero prices is that every choice has an opportunity cost. Opportunity cost is the cost of the next best alternative that has to be forgone to obtain something else. When individuals choose to consume zero-priced goods, they are foregoing the opportunity to consume other goods or services.
Time and effort cost
Additionally, even though certain goods may be available at zero prices, individuals still have to spend time and effort to obtain them. For instance, free goods may require individuals to wait in long queues or travel long distances to obtain them. This means that individuals have to allocate time and effort to obtain these goods, which is a cost.
Conclusion
In conclusion, scarcity exists even when certain goods are available at zero prices. The availability of goods at zero prices does not mean that they are unlimited or entirely free. There are still costs associated with producing and distributing these goods, and individuals have to forego other opportunities and allocate time and effort to obtain them. Therefore, scarcity is a fundamental problem in economics that affects all goods and services, regardless of their prices.
Scarcity exists even when certain goods are available at zero price. D...
Yes...it's true as the price of goods is zero but the availability of resources for making that goods is scarce so scarcity happens to get that goods.....
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