How is scarcity bad?

Economics Dec 10, 2020

Expert Solution

Scarcity is considered as the basic problem of economics. The whole concept of economics depends on the problem of scarcity. The problem of scarcity also arises the three basic questions of economics,

1. What to produce?

2. How to produce?

3. For whom to produce?

These questions are arising because of the scarcity of resources, technologies and other factors of production. Economics answer these questions by optimal allocation of the resources. If the resources, technologies and other factors of production are not scarce, then, the economics will never face these questions and the problem of choice

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