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25 November, 11:31

An implication of scarcity is that:

1. people will never be happy.

2. making trade-offs becomes unnecessary as wealth increases.

3. some people will always be poor.

4. people must make trade-offs.

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  1. 25 November, 12:00
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    4. people must make trade-offs.

    Explanation:

    Scarcity is the shortage of supply with respect to demand. It arises due to unlimited wants contrasted with limited resources - having alternative uses.

    Scarcity : Demand > Supply

    This leads to trade off (sacrifise) of something to attain anything, since the limited resources are short of unlimited wants & have alternative uses.

    Eg : Having fixed money income (analogous to resources) & many commodities in consumption basket (analogous to wants); if one commodity is gained - it would be at the cost of sacrifising (trade off) some other commodity.
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