Why is economics deeply rooted within the concept of scarcity?
Answer (2)
Answer:It depends. Life can be tough, and that’s just part of the cycle we all go through. Sure, we see some positive changes, like advances in technology and better access to healthcare, which can make life a bit easier for many. It’s heartening to witness people fighting for equality and making strides in education. However, the struggles are still very real for many of us. Some are still grappling with poverty, discrimination, and the impacts of climate change, which can overshadow any progress. So, while some of us may feel that the world is getting better, others might see a different picture filled with challenges. It’s a mixed bag, and everyone’s experience shapes how they view the world.
Resources are limited, but human wants and needs are unlimited. Scarcity forces people to make choices about how to allocate resources efficiently. People need to weigh the pros and cons of different options and choose the one that makes the most sense. Scarcity affects supply and demand, which in turn affects prices. Scarcity requires people to consider the opportunity cost of choosing one option over another. Hope it helps :)
