The Scarcity of Resources and Unlimited Wants: How We Fulfill Unlimited Wants by Limited Resources
Journal Title: International Journal of Tax Economics and Management - Year 2018, Vol 1, Issue 1
Abstract
Lack of human life is infinite. But our resources are limited to meet this shortfall. People feel lacking in their lives after lacking. If he meets a need to give up hope of another one. Only resources can be used properly to combine between infinite deficiencies and limited resources. If we cannot use resources properly then our deficiency or needs cannot be met. Due to lack of resources, due to lack of proper resources or lack of resources, selection is the most important. The problem of infinite loss and lack of resources is possible only when people can choose from the most essential shortcomings from their limitless lack. And in the shortage of resources, it will be able to create consistency in meeting the needs. According to R.G Lipsey, “One of the basic problems encountered in most aspects of economics is the problem of scarcity”. Therefore, the lack of economics and selection of the products and production of essential commodities are a major problem. Thus, production possibility curve rises.
Authors and Affiliations
Sienna Barnett
Keywords
Related Articles
- EP ID EP590477
- DOI -
- Views 72
- Downloads 0
An Evaluation of Tax and Social Security Premium Incentives for Employers in Working Life from the Standpoint of Turkish Laws
A social state of welfare that procures a variety of economic and social policies for all to grasp some minimal standards of living, needs to inaugurate winning recruitment strategies for effectively tackling the obstacl...
The Possible Effects of Personal Income Tax and Value Added Tax on Consumer Behaviors
In economics literature, it is accepted that all people are rational and they try to maximize their utilities as possible as they can. In addition, economic theories are formed with the assumptions not suitable to real l...
Readability of Annual Reports and the Agency Problem of Corporation in the Context of Pakistan
This study is conducted to investigate the issue of readability of the annual report, which caused the conflict between the shareholders and the management. Annual reports are the integral source of information for the s...
Marginal Cost & its Variation in Different Economy Scales
In economics, marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit; that is, it is the cost of producing one more unit of a good. Intuitively, marginal cost at e...
Balance of Trade: Theories and Practices
The balance of trade, commercial balance, or net exports (sometimes symbolized as NX), is the difference between the monetary value of a nation's exports and imports over a certain period. Sometimes a distinction is made...