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Assertion A no scarcity means ni economic problem. reason R if there is no scarcity than there would be no economic?
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Assertion A no scarcity means ni economic problem. reason R if there i...
Answer:
Assertion A: No scarcity means no economic problem.
Reason R: If there is no scarcity, then there would be no economic problem.
Explanation:
Scarcity is the fundamental economic problem faced by all societies. It refers to the fact that resources are limited while human wants are unlimited. This means that we cannot have everything we want, and we must make choices about how to allocate our resources. Economic problem arises due to scarcity of resources.
However, if there is no scarcity, then there would be no economic problem. This is because scarcity is the root cause of economic problem. When resources are unlimited, there is no need to allocate resources or make choices about how to use them. Thus, the economy would be in a state of abundance, and there would be no economic problems to solve.
Implications:
No scarcity means no economic problem has the following implications:
1. Unlimited resources: In a world without scarcity, resources would be unlimited. This means that there would be no need to worry about running out of resources and no need to conserve resources.
2. No allocation problems: Without scarcity, there would be no need to allocate resources. This means that there would be no need to make choices about how to use resources, and no need to prioritize one use over another.
3. No trade-offs: In a world without scarcity, there would be no trade-offs. This means that we would not have to sacrifice one thing to get another.
4. No need for markets: Without scarcity, there would be no need for markets. Markets exist to allocate scarce resources efficiently. In a world without scarcity, there would be no need for markets to allocate resources.
Conclusion:
In conclusion, scarcity is the root cause of economic problem. If there is no scarcity, there would be no need to allocate resources or make choices about how to use them. This means that there would be no economic problem to solve. However, in the real world, scarcity is a fact of life, and we must make choices about how to allocate our limited resources.
Assertion A: No scarcity means no economic problem.
Reason R: If there is no scarcity, then there would be no economic problem.
Explanation:
Scarcity is the fundamental economic problem faced by all societies. It refers to the fact that resources are limited while human wants are unlimited. This means that we cannot have everything we want, and we must make choices about how to allocate our resources. Economic problem arises due to scarcity of resources.
However, if there is no scarcity, then there would be no economic problem. This is because scarcity is the root cause of economic problem. When resources are unlimited, there is no need to allocate resources or make choices about how to use them. Thus, the economy would be in a state of abundance, and there would be no economic problems to solve.
Implications:
No scarcity means no economic problem has the following implications:
1. Unlimited resources: In a world without scarcity, resources would be unlimited. This means that there would be no need to worry about running out of resources and no need to conserve resources.
2. No allocation problems: Without scarcity, there would be no need to allocate resources. This means that there would be no need to make choices about how to use resources, and no need to prioritize one use over another.
3. No trade-offs: In a world without scarcity, there would be no trade-offs. This means that we would not have to sacrifice one thing to get another.
4. No need for markets: Without scarcity, there would be no need for markets. Markets exist to allocate scarce resources efficiently. In a world without scarcity, there would be no need for markets to allocate resources.
Conclusion:
In conclusion, scarcity is the root cause of economic problem. If there is no scarcity, there would be no need to allocate resources or make choices about how to use them. This means that there would be no economic problem to solve. However, in the real world, scarcity is a fact of life, and we must make choices about how to allocate our limited resources.
Community Answer
Assertion A no scarcity means ni economic problem. reason R if there i...
Both Assertion(A) and Reason(R) are correct, and Reason(R) is the correct explanation of this definition.
Hope you understood!
Hope you understood!
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Assertion A no scarcity means ni economic problem. reason R if there is no scarcity than there would be no economic?
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Assertion A no scarcity means ni economic problem. reason R if there is no scarcity than there would be no economic? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Assertion A no scarcity means ni economic problem. reason R if there is no scarcity than there would be no economic? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Assertion A no scarcity means ni economic problem. reason R if there is no scarcity than there would be no economic?.
Assertion A no scarcity means ni economic problem. reason R if there is no scarcity than there would be no economic? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Assertion A no scarcity means ni economic problem. reason R if there is no scarcity than there would be no economic? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Assertion A no scarcity means ni economic problem. reason R if there is no scarcity than there would be no economic?.
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