what is scarcity in economics

what is scarcity in and how to solve the problem of scarcity. the effect of scarcity to government planning. as long as resources are scarce relative to wants or needs it is therefore very important to plan with the little resources available

DEFINITION OF SCARCITY


Definition: Scarcity is defined as the limited supply of resources which are used for the satisfaction of unlimited wants. In other words, scarcity is inability of human being to provide themselves with all the things they desire or want.

planning to cussion the effects of scarcity

These resources are scarce relative to their demand. As a student, you will need to buy school materials, e.g. exercise book worth #100.00 but you have only #50.00.It can be seen that the money you have (#50.00), which is your resources, will not be sufficient to buy all you need the available resources within the environment can never at any time be in abundance to satisfy all humans wants.

Since wants are numerous and insatiable relative to the available resources, human being have to choose the most important ones and leave others that are less important.

PROBLEMS OF MECHANIZATION

  1. SURVEYING AND PLANNING OF FARMSTEAD
  2. IMPORTANCE OF FARM SURVEY

28. SURVEY EQUIPMENT 29. PRINCIPLES OF FARM OUTLAY 30. SUMMARY OF FARM SURVEYING 31. CROP HUSBANDRY PRACTICES 32. PESTS AND DISEASE OF MAIZE- ZEA MAYS 33. CULTIVATION OF MAIZE CROP

34. OIL PALM 35. USES OF PALM OIL 36. MAINTENANCE OF PALM PLANTATION 37. COCOA 38. 39. PROCESSES IN COCOA CULTIVATION HOLING AND LINING 40. YAM 41. LAND PREPARATION FOR YAM 42. DEPT OF PLANTING 43. SPACING OF YAM 44. PLANTING DEPT OF YAM 45. STORAGE OF YAM 46. STAKING OF YAM 47. HARVESTING OF YAM 48. COWPEA JUTE

49. FORAGE CROP AND PASTURE 50. FORAGE GRASSES 51. SILAGE 52. PASTURE 53. TYPES OF PASTURE COMMON GRASSES AND LEGUMES 54. GRASSES 55. LEGUMES

56. ESTABLISHMENT OF PASTURES 57. 201. FORAGE PRESERVATION 58. HAY SILAGE 59. FORESTRY IMPORTANCE OF FORESTRY 206. FOREST MANAGEMENT FOREST REGULATION DEFORESTATION AFFORESTATION 60. DISEASES AND PESTS OF CROPS 61. MAIZE SMUT 62. RICE BLAST 63. MAIZE RUST 64. LEAF SPOT OF GROUNDNUT 65. COW-PEA MOSAIC

There would be no economic problem if resources were not scarce; hence is sometimes defined as the study of scarce, hence is sometimes defined as the study of scarcity.


Why is Scarcity a Fundamental Problem in Economics?


seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Scarcity simply means resources are limited in relation to the ends.

is therefore concerned with allocating limited resources among the competing and unlimited wants.


How do governments solve the problems of Scarcity?


Governments are faced with the problem of allocating scarce resources among competing unlimited wants. In doing this, government draws a scale of preference which helps them to choose or select the most important want to be satisfied.

In making choices, you forgo some other wants. The forgone wants are the opportunity cost or real cost of the selected alternative.

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