Scarcity and choice are basic problems in economics. this concept was introduced by prof. Lionel the effects of unlimited human wants and supply of limited resources create the problems of scarcity in human society. The quantity supplied of economic r
esource such as water .forest and mineral resources, human resources and physical resourcss is very limited in comprarsion of their demand. But the quentity supplied of noneconomic resourse such as sunlight, air, water is unlimted to us. Therefore economics is such a subject which aims to utlize scarce resources in a scientific way, so that human being can achieve maximum satisfaction from the use of limited economic resources. The prblems scarcity is present is present not only in devlopment nations but also in highly devloped nations. So long as human wants are more then the supply of resourse, the scarcity problems world not Be sloved from human soceity. The nature of scarcity change along with change in living standard and life system of human being.
esource such as water .forest and mineral resources, human resources and physical resourcss is very limited in comprarsion of their demand. But the quentity supplied of noneconomic resourse such as sunlight, air, water is unlimted to us. Therefore economics is such a subject which aims to utlize scarce resources in a scientific way, so that human being can achieve maximum satisfaction from the use of limited economic resources. The prblems scarcity is present is present not only in devlopment nations but also in highly devloped nations. So long as human wants are more then the supply of resourse, the scarcity problems world not Be sloved from human soceity. The nature of scarcity change along with change in living standard and life system of human being.
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