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The law of scarcity :
- a)does not apply to rich, developed countries.
- b)applies only to the less developed countries.
- c)implies that consumers wants will be satisfied in a socialistic system.
- d)implies that consumers wants will never be completely satisfied.
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
The law of scarcity :a)does not apply to rich, developed countries.b)a...
According to the concept of scarcity, it is believed that resources are scarce, while there are unlimited human wants. This would result in some wants remaining unsatisfied.
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The law of scarcity :a)does not apply to rich, developed countries.b)a...
Law of Scarcity and Its Implications
Law of Scarcity is a fundamental economic principle that states that our wants and needs are unlimited, but the resources available to satisfy them are limited. This implies that we must make choices about what to produce, how to produce, and for whom to produce, as we cannot have everything we desire.
Implication of Law of Scarcity
The implication of the law of scarcity is that consumers' wants will never be completely satisfied. This is because the available resources are not sufficient to meet the unlimited wants and needs of the consumers.
Explanation of Option D
Option D is the correct answer because it correctly captures the implication of the law of scarcity. Consumers may have unlimited wants and needs, but the resources available to satisfy them are limited. Therefore, no matter how much we produce, there will still be some unfulfilled desires.
Conclusion
In conclusion, the law of scarcity is a fundamental economic principle that implies that consumers' wants will never be completely satisfied. This has significant implications for economic decision-making, as we must make choices about what to produce, how to produce, and for whom to produce. Understanding the law of scarcity is essential to make rational economic decisions and to allocate resources efficiently.
Law of Scarcity is a fundamental economic principle that states that our wants and needs are unlimited, but the resources available to satisfy them are limited. This implies that we must make choices about what to produce, how to produce, and for whom to produce, as we cannot have everything we desire.
Implication of Law of Scarcity
The implication of the law of scarcity is that consumers' wants will never be completely satisfied. This is because the available resources are not sufficient to meet the unlimited wants and needs of the consumers.
Explanation of Option D
Option D is the correct answer because it correctly captures the implication of the law of scarcity. Consumers may have unlimited wants and needs, but the resources available to satisfy them are limited. Therefore, no matter how much we produce, there will still be some unfulfilled desires.
Conclusion
In conclusion, the law of scarcity is a fundamental economic principle that implies that consumers' wants will never be completely satisfied. This has significant implications for economic decision-making, as we must make choices about what to produce, how to produce, and for whom to produce. Understanding the law of scarcity is essential to make rational economic decisions and to allocate resources efficiently.
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The law of scarcity :a)does not apply to rich, developed countries.b)a...
Wants never end to anyone but wants differ from person to person,of one want is satisfied other will arise
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The law of scarcity :a)does not apply to rich, developed countries.b)applies only to the less developed countries.c)implies that consumers wants will be satisfied in a socialistic system.d)implies that consumers wants will never be completely satisfied.Correct answer is option 'D'. Can you explain this answer?
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