Which of the following explains why scarcity cannot be eliminated

Asked by maham237 @ in Law viewed by 332 People

A. No matter how much is produced, people will always want more.
B. The Earth's population is too large to be supported anymore.
C. Humans are using the Earth's natural resources too quickly.
D. Technology has been used to increase demand instead of supply.

Answered by maham237 @


Scarcity cannot be eliminated because no matter how much is produced, people will always want more.

Answer: Option A

Explanation:

One of the most crucial and fundamental problem as well as concept in economics is the concept of Scarcity. The concept of scarcity implies that at any given point of time the human wants or desires exceed the available resources for satisfying those desires or wants.

The basic surmise is that the want of a person can never be fulfilled hence the problem of scarcity is ever standing. A good is said to be scarce when the quantity which is demanded is more than the quantity that is supplied but if the demand is equivalent to supply or the demand is less than the supply that implies that the price of the good is equivalent to zero.


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