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2 May, 16:11

Scarcity can be eliminated if

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  1. 2 May, 18:26
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    The scarcity is the key problem that the economics are trying to find an answer to and try to mitigate by making the resources more productive.

    The scarcity arises because of 2 main factors,

    The human wants are Unlimited The resources available to satisfy these wants are Limited

    In theory, if we need to "eliminate" scarcity complete we should either Limit our Needs or find an Unlimited source of resources we require.

    However, these are not practical solutions.

    So because of this, economics try to utilize technology and other factors to harness the full potential of resources and to use them optimally.
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