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Scarcity in economics - definition
 
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Scarcity is the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Alternatively, scarcity implies that not all of society's goals can be pursued at the same time; trade-offs are made of one good against others. In an influential 1932 essay, Lionel Robbins defined economics as "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Reference: http://en.wikipedia.org/wiki/Scarcity Created at http://www.b2bwhiteboard.com
Views: 40129 B2Bwhiteboard
Scarcity and Choice Economics.
 
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Economics Scarcity and Choice: Scarcity Scarcity is the limited resources to satisfy unlimited want. Choice: It is the process of choosing between two or more alternatives with considering opportunity cost keep in mind. What is opportunity cost? Opportunity cost also known as alternative cost it is the cost of sacrificing one alternative for another. Rational behavior: Decisions making process that result in the most optimal level of benefit or utility for the individual. Production possibility curve: Production possibility curve is a curve which shows graphically maximum combination of two good with same technology and resources. Song: Jim Yosef - Link [NCS Release] Music provided by NoCopyrightSounds. Watch: https://youtu.be/9iHM6X6uUH8 Download/Stream: http://ncs.io/LinkYO
Views: 873 Free World 700
Lecture-02 Resources, Wants & Scarcity
 
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An Introduction to Microeconomics by Dr. Vimal Kumar, Department of Economic Sciences, IIT Kanpur. For more details on NPTEL visit http://nptel.ac.in
Limited resources to unlimited wants
 
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There are an infinite number of great causes to take up but there is a finite amount of you. Make sure that you have enough personal resources to do justice to every cause and project you take up. There is no shame in saying that you don't have the resources, but there is great shame in taking on a responsibility that others could have done and failing to fulfill it. #motivation #resources #energy #timewarrior #energymanagement #timemanagement #causes
#3,(Season 2 )Scarcity and choice(the basic problem)
 
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Economics on your tips Season 2 The basic problem Scarcity and choice Usefull for everyone season 2 video 3 Our books are now available on Amazon Special Combo - Economics on your tips Micro + Macro http://amzn.in/d/eSxj5Ui Economics on your tips Macroeconomics http://amzn.in/d/2AMX85O Economics on your tips Microeconomics http://amzn.in/d/cZykZVK Official series of playlists UG courses ( bcom, bba, bca, ba, honours) – https://www.youtube.com/playlist?list=PLgC10_Xv-BGirAqOr-hU8e-N_Nz0UpgJ- Micro economics complete course – https://www.youtube.com/playlist?list=PLgC10_Xv-BGg5n3YU6oEV7_HIzBuEbbOz Macro economics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGg2ORORpILqiDR1gyH3MkXw Statistics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGjrAkDyeMioJ7DEexAEeVdt National income – https://www.youtube.com/playlist?list=PLgC10_Xv-BGjpE-1V4uz_0wvvbZQnSsj_ In order to promote us and help us grow Paytm on - 7690041256
Views: 33607 Economics on your tips
Scarcity, Opportunity Cost and the PPC
 
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The basic economic problem is one rooted in both the natural world and in human greed. We live in a world of limited resources, but we seem to have unlimited wants. This results in scarcity, which gives rise to the very field of Economics, which deals with how to allocate scarce resources between the competing wants and needs of society. This lesson will introduce these basic economic concepts, along with the first (and perhaps the most useful) graph an Economics student will learn, the Production Possibilities Curve. Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870
Views: 212048 Jason Welker
Scarcity, the Basic Economic Problem
 
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What would you do if you showed up to class and there weren't nearly enough chairs to go around? Well, you're facing and economic problem that requires an economic system to solve! This lesson introduces the basic economic problem of scarcity and defines "Economics" and "Economic systems", both key concepts for a student starting out on his or her journey to study the "dismal science"! Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870
Views: 79703 Jason Welker
Scarcity of resources
 
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Scarcity of resources and the categories of scarce resources-land, labor, capital and entrepreneurship.
Views: 7608 Khan Academy
Unlimited Wants
 
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This video introduces the idea of unlimited wants.
Views: 697 srauterkus
What is Scarcity? - Economics
 
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In this lesson, we answer the question: What is scarcity? And why is the problem of scarcity important in Economics? In Economics, scarcity is that concept that humans have unlimited wants, but limited resources to satisfy those wants. Economics and scarcity are two very connected subjects. We used a few examples to illustrate what scarcity is. We also define what Economics is as we start this new lecture series! Subscribe to stay up to date on our uploads!
Views: 712 SemDemy
Unlimited wants and needs, combined with limited resources, result in
 
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Unlimited wants and needs, combined with limited resources, result in a. scarcity. b. over-supply. c. oligopoly. d. monopoly.
Views: 14 HAWYS IO
What is SCARCITY? What does SCARCITY mean? SCARCITY meaning - SCARCITY definition & pronunciation
 
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✪✪✪✪✪ WORK FROM HOME! Looking for WORKERS for simple Internet data entry JOBS. $15-20 per hour. SIGN UP here - http://jobs.theaudiopedia.com ✪✪✪✪✪ ✪✪✪✪✪ The Audiopedia Android application, INSTALL NOW - https://play.google.com/store/apps/details?id=com.wTheAudiopedia_8069473 ✪✪✪✪✪ What is SCARCITY? What does SCARCITY mean? SCARCITY meaning - SCARCITY pronunciation - SCARCITY definition - SCARCITY explanation - How to pronounce SCARCITY? Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. Scarcity (also called paucity) is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. The notion of scarcity is that there is never enough (of something) to satisfy all conceivable human wants, even at advanced states of human technology. Scarcity involves making a sacrifice—giving something up, or making a tradeoff—in order to obtain more of the scarce resource that is wanted. The condition of scarcity in the real world necessitates competition for scarce resources, and competition occurs "when people strive to meet the criteria that are being used to determine who gets what." The price system, or market prices, are one way to allocate scarce resources. "If a society coordinates economic plans on the basis of willingness to pay money, members of that society will to make money":p. 105 If other criteria are used, we would expect to see competition in terms of those other criteria. For example, although air is more important to us than gold, it is less scarce simply because the production cost of air is zero. Gold on the other hand has a high production cost. It has to be found and processed, both of which require a great deal of resources. Additionally, scarcity implies that not all of society's goals can be pursued at the same time; trade-offs are made of one goal against others. In an influential 1932 essay, Lionel Robbins defined economics as "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses." In cases of monopoly or monopsony an artificial scarcity can be created. Scarcity can also occur through stockpiling, either as an attempt to corner the market or for other reasons. Temporary scarcity can be caused by (and cause) panic buying.
Views: 13908 The Audiopedia
Scarcity and the Fundamental Economic Problem
 
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This video discusses the concept of scarcity and the fundamental economic problem. People want an unlimited number of things: better health care, better education for children, less crime, etc. Unfortunately, there are a limited number of resources to satisfy people's wants and desires. Resources are scarce; we have a finite supply of oil, people, land, etc. Understanding how people deal with scarcity is central to the study of Economics. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 1155 Edspira
What Scarcity?
 
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What Scarcity? [2/10] by openlectures Scarcity arises because there are limited resources but unlimited wants. -- ^^^ SUBSCRIBE above for more quick lectures! ^^^ VISIT openlectures: http://openlectures.org ABOUT openlectures: http://openlectures.org/team FOLLOW openlectures: FB - http://facebook.com/OpenLectures
Views: 1312 openlectures sg
Scarcity versus Abundance | How do you approach life?
 
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One of the central economic concepts is scarcity. We have unlimited wants, but limited resources. Abundance represents the opposite. We have to make choices every day: how to spend our limited time, how to spend our limited money, etc. What is more appealing to you: the concept of scarcity or the concept of abundance? How does it impact your life? In order to receive notifications of future videos, please Subscribe to my channel. . . . #dralexp #worldpreneur #twu #success #economics #finance #money #wealth #infiniteworld #entrepreneur #entrepreneurship #entrepreneurmindset #entrepreneurlifestyle #entrepreneurship101 FTC Disclaimer: This video is not sponsored. All opinions and recommendations in this post are mine, and mine alone. This post may contain affiliate links, which means we will earn a small commission if (and only if!) you use the link. However, you are always able to research and buy the product(s) on your own if you elect not to support our channel by clicking the link(s) provided. Subscribe to our channel and connect with us on social media! ✔ Instagram: https://www.instagram.com/dralexp/ ✔ LinkedIn: https://www.linkedin.com/in/apomelnikov/ For business inquiries, contact us directly at: ✔ [email protected] All Rights Reserved. ©2019, Worldpreneur™
Views: 102 Worldpreneur
Scarcity - defined
 
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The concept of Scarcity is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources. It states hat society has insufficient productive resources to fulfill all human wants and needs. Reference: http://en.wikipedia.org/wiki/Scarcity - created at http://www.b2bwhiteboard.com
Views: 9753 B2Bwhiteboard
Tradeoffs and Opportunity Cost in Economics
 
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This video discusses the concept of tradeoffs and opportunity cost in Economics. People have unlimited wants, yet the world has limited resources; thus, people make must tradeoffs when deciding which wants they will fulfill. To reduce crime, a country could post 10 police officers on every street corner- however, this means the country would have fewer doctors, teachers, and entrepreneurs. If adding one additional police officer means that we will have one less teacher, then the cost of adding a police officer is one teacher. The country has decided to forego the benefit of having a teacher; this foregone benefit is called the opportunity cost. We make tradeoffs and incur opportunity costs every day. An hour spent studying is an hour that can't be spent sleeping (thus, the opportunity cost of one hour of studying would be one hour of sleeping). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 1290 Edspira
What is scarcity?
 
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Scarcity explained-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.
Views: 87276 Kivuvu Osias
Scarcity and Choice
 
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Scarcity and choice are important in economics because there would be no economy if there was no scarcity (limitation in resources) and no choice as to how these resources would be used. Explanation: Scarcity and choice are the founding blocks of the story of economics. Scarcity in economics refers to limited resources against unlimited wants. Choice is the alternative between them. Economics deals with the study of human behavior and how humans allocate their limited resources (scarcity) with their unlimited wants. Since we have limited resources, we usually have to choose one option (choice) and forgo the other. This phenomenon is called "opportunity cost" . Our wants change when we consume more of one particular option, Its value diminishes and we start preferring some other option. This is called 'utility' or 'diminishing utility' as a progressive term.
Views: 196 Tiến Đạt Vũ
What Is A Scarce Resource In Economics?
 
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Scarcity refers to the basic economic problem, gap between limited that is, scarce resources and theoretically limitless wants. Economists and scarcity foundation for economic education scarce means with alternative uses robbins' definition of why resources are sometimes unemployed world forum reports. Scarce resources, choices and economic systems tutor2u economicstutor2u economics. The allocation of scarce resources among competing ends applies aug 29, 2015 scarcity, or limited resources, is one the most basic economic problems we face. Scarcity does not mean we need to define scarce resource? Economic term resource definition. Department of economics. Scarcity, high school economics topics. Collections behavioural economics scarcity bias scarce resources, choices and economic systems join 1000s of fellow teachers students all getting the tutor2u team's latest resources support delivered fresh in their inbox every jun 1, 2008 can contribute to this discussion by providing its perspective on words such as which are often contested feb 9, 2012 robbins' definition confines study human behavior, time is quintessentially resource, a view robbins oct 2013 but be unused when markets fail allocate them efficiently. The fundamental economic behavioural economics a level revision videos. Scarce resources & economics flashcards competition for scarce. To find out what is scarce resource, see this explanation students need to understand the problem of unlimited wants and finite resources that gives rise scarcity inevitable choices. Ideally, the resources are allocated to is economics all about scarcity? , by arnold kling. Scarcity wikipediascarce resources amosweb is economics encyclonomic web scarcity wikipediaeconomics scarce allocation what resource as a study of the resourceslibrary and liberty. Asp url? Q webcache. It states that society has insufficient productive resources to fulfill all human wants and needs these can be come from the land, labor or capital. Googleusercontent search. We have infinite desires and wants only some limited amount of resources to the domain economics is study processes by which scarce are allocated satisfy unlimited. Such inefficiency means the economy is producing less than it could global trendsresource scarcity was most controversial topic for respondents when considering which world issues are currently start studying scarce resources & economics. Library of economics and what is the basic economic problem scarcity? Video & lesson scarce resource, definition at glossary. We run into scarcity because while resources are limited, the economic definition of a scarce resource is simple one any with finite supply. Scarce, or economic, resources are also called factors of production and generally classified scarcity (also paucity) is the fundamental economic problem having seemingly unlimited human wants in a world limited. Scarcity wikipedia scarcity investopedia terms s. Learn vocabulary, terms, and more with flashca
Views: 88 Caren Raatz Tipz
What Does It Mean For Individuals To Have Unlimited Wants?
 
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How 21 jun 2010 my daughter jaley asked, 'can i have some chocolate ice cream? Scarcity describes the condition of limited resources, and unlimited wants needs. Encyclopedia articles about economic problem wikipediaquizlet. Money and time other than individuals, what groups of people make economic choices? Because 29 aug 2015 why do we have to choices trade offs? Shortage & scarcity in economics definition, causes examples run into because while resources are limited, a society with unlimited wants. Economics plays an important role in every individual unlimited wants essentially mean that people never get enough, there is always something else they would like to have. What is meant by 'unlimited wants' and 'needs'? Quorascarcity infinite wants the founding myths of economics what does it mean for individuals to have unlim limited resources, unlimited needs. A big picture definition of scarcity is quite different from the that we see many people in our culture do not let limited funds stop them wants vary individual to. Limited time, unlimited wants institute for faith, work & economics. It is important we understand what it means to want and how fulfill our responsibilities ourselves, scarce resource a (physical) limitation which forces us make individuals or organizations usually more tomorrow than today definition of unlimited wants part human nature where many long after bankruptcy discharge do i have wait lease car? . Why can't individuals have everything they want? 3. What is the basic economic problem of scarcity? Video & lesson concepts economics wikieducator. When combined with limited unlimited wants are things that u can stay alove without having it. At the same time, means (natural, human, and manufactured) used in satisfying because people have unlimited wants thus want more than they or can given that do not everything want, must use their every individual demands goods services when all economic problem sometimes called basic central asserts an economy's finite resources are insufficient to satisfy human needs. Definition of unlimited wants the side human nature that an endless number things, yet has a limited amount resources to achieve these and needs essentially means people never get enough, clothing because he protection from weather does not want 20 nov 2012 enough is causing us steer towards wrong things do at time 23 mar 2015 scarcity, provide or equipment as we all know humans have desire. Scarce in relation to the wants of individuals, state or government. Unlimited wants? Definition and meaning unlimited wants needs amosweb is economics encyclonomic, limited resources by lastevia are but humans need uk essays. And also it's very hard to satisfy their wants. Making cents with wants characteristics, importance and classification of. It basically needed wants are things u must have it to stay alive. A much more straightforward way would be to say that humans have 'economics is the study of how individuals and societies allo
Views: 62 Caren Raatz Tipz
Meaning of economics(part 1)
 
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Our wants are unlimited and resources or income is limited. Due to limited and alternative uses of resources we have to make a choice. Economics is a social science which studies How society and human allocate it's scarce resources which have alternative uses to satisfy their unlimited wants Economics studies how government, firms, individual and other organisations with in our society make choices. It helps to take decision as a buyer, seller, government to a optimum level. Watch full video to understand it deeply
Views: 854 Super commerce
Central Problem of an Economy
 
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● Economic problem/Central problem of the economy:- It is a problem which every economy has to face in the path of its development. •Basic reasons: The reasons due to which a country faces economic problem are as follows:- 1) Unlimited Wants (unlimited ends) 2) Limited resources (scarce resources) 3) Alternative use 1. Unlimited wants:- Human want are unlimited regardless to the nature of available resources, if one of his want get satisfied than another want crops up. Example:- if a teenager wants a mobile phone for convenience and if his parents provided him so. Then his wants doesn’t restricts after that. One of his new wants comes upon. Such as regular recharges, new bike, new laptop etc. 2. Limited:- In order to fulfil unlimited wants of human. The recourses are limited. That is the resources are scarce in relation to our wants, so we should get best out of what we have. 3. Alternative use:- The scarce resources are used alternatively. And hence it becomes important to decide the allocation/distribution of resources effectively and efficiently. General example:- the salary of an individual is to used in different sectors such as home expenses, medicine, instalment of house, child fee and soon. Hence it should be carefully decided how much resource should be devoted for each purpose In order to get maximum possible benefit. Standard example:- Coal, petroleum etc. The above 3 reasons creates different economic problem in an economy which are as follows:- •what to produce • How to produce •Whom to produce 1) What to produce:- The first and formost problem that is faced by economy is ‘what to produce’, that is what Type of goods is to be produced more than the other. Due to scare resources, the economy can’t produce unlimited goods and hence the quantity And priority of goods must be decided. Wants for those goods which society decided not to produce will remains unsatisfied, Generally, the economy has 2 types of goods. I.e. consumer goods or producer goods. If the country starts producing more quantity of producer goods with less quantity of Consumer goods , then the demand for consumer goods will increase and vice versa. 2) How to Produce:- It Is related to choice of technique of production. The goods must be produced in such a way that it gives most efficient output to the economy Basically there exist 2types of techniques of production which are as follows:- • Labour Intensive Technique {LIT} (Use of labour more than machines in the process of production) • Capital intensive Technique {CIT} (Machines are used to maximize the output) If a country selects LIT then the units of labour employed will be greater than the units of goods produced as a result. The employment opportunities will increase but the total production of the economy will goes down. And if CIT is selected then the production goes up lacking behind the employment opportunities which results the introduction of problem of unemployment and poverty. 3) Whom to produce:- It is related to the distribution of national product in the economy. • Personal distribution Under this the distribution of output depends upon the ownership of the property. The one who owes more gets more share of output in the economy than the one who has less amount of property. • Functional distribution In personal distribution the total output of the country will be distributed among all the individuals in the country according to their share of ownership. Whereas in functional distribution the total output is distributed between the factors of production Such as:- •Land will be paid by rent •Labour will be paid wages. •Capital interest •Organiser will be paid profit
economic problem - scarcity and choice|| #1|| YOUTH CLASSES
 
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Economic problem is to match limited resources to unlimited wants and needs.
Chapter 1 Microeconomics Class 12 | Introduction to Micro Economics | Part 1
 
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Topic: Chapter 1 Microeconomics Class 12 Introduction to Micro Economics This video is an introduction to Microeconomics. In this video, we will discuss the economy, economic and scarcity i.e. Economy and Economics. The video covers the following topic- 1) Economy and Economics, economy definition, economics definition, Economic problem 2) Meaning of #Microeconomics and macro economics, Microeconomics introduction, macro economics definition 3) Introduction to Micro Economics, micro economics definition 4) The concept of Production Possibility Curve 5) Difference between Microeconomics and Macroeconomics. 6) Production Possibility frontier and opportunity cost. Economy Definition: Economy is a system consisting of economic agents involved in economic activities. Economic agents include producers, consumers, and the government. Economic activity includes sale, purchase, production, consumption, investment etc. #Economics Definition: According to Lionel Robbins "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.” Simplified definition: Economics is a Science which deals with choice making where resources are limited, wants are unlimited and the limited resources have alternative uses. This definition implies the following things: Resources or means are scarce in comparison of wants or ends. Limited resources have alternative uses. So economics is a rational use of limited resources in such a manner so that maximum satisfaction can be obtained with the scarce resources. This is also known as economizing the use of scarce resources. Scarcity: Scarcity means wants are more than the available resources. It simply implies that resources are limited & wants are unlimited. Resources are limited because wants always exceeds resources even if resources increases, wants to increase more than the resources. Scarcity is the root cause of all economic problems. However, a commodity in short supply can’t be called scarce if it has no demand. For e.g. rotten fruits, etc. So here you will learn the meaning of economy and economics, economy definition, economics definition, Introduction to Micro Economics. You will understand the difference between Microeconomics and Macroeconomics and Production possibility frontier and opportunity cost. This is a brief introduction to micro economics of #12th. Hope you completely understand what is micro economics and get a basic idea about micro economics. Video Tags: Introduction To Micro Economics, Economics and economy Class 12 Economic, video lecture on introduction to economics, introduction to microeconomics chapter 1, what is economy, economy and economics, Difference between Micro and Macroeconomics, Difference between Microeconomics and Macroeconomics, Microeconomics introduction, Chapter 1 Introduction to Micro Economics, microeconomics chapter 1, microeconomics class 12, microeconomics class 12 chapter 1, class 12 economics Like, Share and comment
Views: 944 KAKRA'S DLM Academy
Scarcity
 
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Scarcity implies limited quantities of resources to meet unlimited wants. While one person may be able to buy hundreds of basketballs or pencils or pianos, no one can have an endless supply of everything. There is always a limit. A shortage occurs when producers will not or cannot offer goods or services at the current prices. Shortages can be temporary or long-term. Scarcity always exists.
Views: 301 Andrew Plett
#1 Economics II Introduction to Economics || What is Economic Problem?
 
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To buy Full Course Lectures click the following link: https://www.instamojo.com/SudhirSachdeva/micro-economics-download-link-1-3-6-months-v/?ref=store Micro Economics DEMO Playlist: https://www.youtube.com/watch?v=DZr8M60cxIA&list=PLVE_dFhGA23xQvMSRRCekLAe0OPcURYj6 This video discusses the economic problem. It is Sometimes called basic or central economic problem. It explains that an economy's limited resources are insufficient to satisfy all human wants. According to this human wants are unlimited, but the means to satisfy human wants are limited.
Views: 14770 SUDHIR SACHDEVA
AS Level Economics 1.The Basic Economic Problem
 
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by Paj Holden, Saint Lawrence College The Basic Economic Problem Scarcity Limited Resources and Unlimited Wants & Needs Oppportunity Cost
Views: 11132 Open Courseware
Unlimited wants
 
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In Economics, a starting point is the notion that material wants are unlimited.
Limited resources and unlimited desires cause economic problems -- Radhanath Swami
 
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[For more videos - http://harekrishnatube.com]
Views: 415 ISKCON Desire Tree
Econ 101 (part 2): The Definition of Economics
 
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The definition of economics is something about scarcity and trade-offs ... so can we try to figure out what Economics is really about? This is the 2nd of 4 videos about the 1st economics class! Check out part 1 about the rationality assumption: https://youtu.be/BtsekbsC6wU Also our video about the definition of freedom: https://youtu.be/0lm3YNS_Uog If you would like us to keep going please support us on Patreon: https://www.patreon.com/theinvisiblefootofgovernment You'll get to watch the full series of Adam Smith's "Wealth of Nations" videos. Here are the first couple that are free on our channel. Intro: https://youtu.be/rKtjKdLNeDY Book 1 Chapter 1: https://youtu.be/oJWb_Xh4K20 And if you'd like to contribute subtitles: http://www.youtube.com/timedtext_video?ref=share&v=8iztxFde1kQ Narration --------------------------------------------------------------------------------- The definition of economics is the second weird thing you hear in your first Econ class. So maybe we can tickle out some sense in this video! Another thing you talk about in your first econ class is the definition of economics. That sounds like a sensible thing, right? So here are are couple. Tom Sowell likes Lionel Robbins definition: “Economics is the study of the use of scarce resources which have alternative uses.” My first econ book from college defines economics as “the study of the choices consumers, business managers, and government officials make to attain their goals, given their scarce resources.” Most definitions talk about scarcity because of finite resources and unlimited wants, and decisions about how to use the resources, bla bla bla, not very exciting. But those are really just nice words for something way more BLOODY. We have a limited amount of stuff (land, sea borders suitable for ports, water, iron, time in a day), and unlimited wants and we can all think of lots of ways we want to use the same resources for our own ends. What’s the inevitable result? CONFLICT!!! Yep THAT’S our starting point in economics. And over the millenia we’ve evolved different structures/frameworks/institutions/rules of the game to deal with that conflict. [As hunter gatherers we had structures that were based on traditions, superstitions, social rules, and punishment by the community. After the invention of agriculture and people living together in cities, we added the structures of elites that control the resources and armies of countries and form intermittently stable alliances between them. And more recently we evolved the institutions necessary for modern global market societies.] One of our all time favorite ways to deal with conflict has always been good old fashioned violence and that’s typically what we resort to when our other options fail, but luckily our repertoire includes familial, cultural and religious norms, government decry, market mechanisms, and maybe one day super-computers … at least according to some venus projecters. So here comes my definition … of course I have my own opinion about this! … Economics is the study of those frameworks that we humans set up to deal with that conflict that arises from scarcity, specifically by analyzing consequences. And I’d take it a step further. We know now from economic analysis that competitive markets give us the best outcomes for society, but contrary to the common misconception we don’t get well functioning markets by breaking down all rules. We get markets by setting up the right kind of framework, specifically ones that reliably punish violence and deceit, and don’t interfere with other behavior. That sounds much easier than it is to actually implement in a crazy world with billions of individuals interacting globally. So I think economics today is mostly about discussing how to set up and fine tune the framework or institutions to get the best functioning markets.
Views: 178 Bite-size Econ
Economics - Chapter 01: Foundations and Models
 
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People must make choices as they try to attain their goals. The choices people make represent the trade-offs made necessary by scarcity. Scarcity is a situation in which unlimited wants exceed the limited resources available to fulfill those wants. Economics is the study of the choices people make to attain their goals, given the realities of scarce resources. An economic model is a simplified version of reality used to analyze real-world economic situations. In this microeconomics class, we will explore how the economy of our country exists as thousands of small and large sectors of industry, are intertwined with our trading partners, and served by our government’s establishment of security, safety, and a world class monetary system. Our focus in microeconomics is on how households and firms make decisions to promote and grow their organizations. This class will be unlike any other journey you have made before as you discover explanations for events happening in the world around you.
Views: 2208 Dr. Bill Schlosser
HSC ECONOMICS 1st paper 1ST CHAPTER Topic-UNLIMITED WANTS LIMITED RESOURCES
 
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Here I Discuss about the 1st topic of the 1st CHAPTER of ECONOMICS 1st paper. I will continuly discuss about all the topic of ECONOMICS. #NAZMUNNAHARECONOMICS
Tough Choices
 
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Tough Choices [3/10] by openlectures So what if there are limited resources but unlimited wants? Well that makes choices necessary. -- ^^^ SUBSCRIBE above for more quick lectures! ^^^ VISIT openlectures: http://openlectures.org ABOUT openlectures: http://openlectures.org/team FOLLOW openlectures: FB - http://facebook.com/OpenLectures
Views: 688 openlectures sg
Macroeconomics - Chapter 02: Trade-offs, Comparative Advantage, and the Market System
 
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Scarcity is a regular situation in which unlimited wants exceed the limited resources available to fulfill those wants. The economic systems scattered around the world cover the spectrum from Centrally Planned, to mixed, and Free Enterprise economies – each approaching the solution in different ways. These all share the challenge to decide what to produce, hot to produce it, and for whom production is generated for. A production possibilities frontier is a simple model that economists can use to analyze trade-offs, such as the trade-off Tesla faces when deciding how many of each type of automobile it should produce at its plant in Fremont, California, given its limited resources. A production possibilities frontier (PPF) is a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology. We will discover in this video how these concepts are united into powerful economic analysis tools.
Views: 968 Dr. Bill Schlosser
central problems of an economy (Class Xll Economics)
 
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Video no 1.In this video I am explaining__ Economy and Economics Micro economics and Macro economics Reasons of Economic problems -Scarcity, Unlimited wants, Limited resources Central problems of an economy -What to produce, How to produce, To Whom to produce Plz like and share the video Subscribe my channel to watch more videos of class Xll Economics Give your comments at [email protected]
1.1.1 finite resources and unlimited wants & 1.1.2 economic and free goods
 
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This video covers 1.1.1 finite resources and unlimited wants and 1.1.2 economic and free goods from the CIE IGCSE Economics sylabus. Please see the link below to access the flipped learning note taking booklet https://www.tes.com/teaching-resource/year-10-course-notes-for-igcse-economics-a-flipped-learning-approach-booklet-1-11927998
Views: 67 Team Econ
Introduction to Economics
 
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1. Scarcity arises due to limited resources and unlimited wants. 2. Economic resources are resources that can be used to produce goods and/or services. These resources include land, labour, capital and entrepreneurship. 3. As a result of scarcity, economic agents like consumers, firms and governments have to make decisions. They make decisions that maximise their own self-interest. 4. Microeconomics focuses on individual markets while macroeconomics focuses on the economy as a whole and the aggregate effects of all markets.
Views: 28 Coins Coins
2 | SCARCITY and CHOICE ECONOMICS IN HINDI  for class 11th & 12th - MicroEconomics- CEP CLASSES
 
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SCARCITY AND ECONOMIC PROBLEM | PROBLEM OF CHOICE. Very useful for class 11th AND 12th students of Economics. WHY DOES ECONOMIC PROBLEM ARISE UNLIMITED HUMAN WANTS LIMITED RESOURCES ALTERNATE USE OF RESOURCES Scarcity has been root cause of all economic problems. But every economy in world face scarcity of resources so they also face problem of choice. wherein they have to choose among different goods & services to be produced within given resources. So they have to allocate their resources optimally. ------------------------------------------------------------------------------------------------------- IF YOU LIKE THE VIDEO THEN HIT LIKE BUTTON & COMMENT,SHARE THIS VIDEO, AS IT INSPIRES US TO MAKE GREAT CONTENT FOR YOU. IF u r new to this channel , then subscribe n press bell icon also to get regular videos notifications. ------------------------------------------------------------------------------------------------------- Contact for our Notes (MICRO + MACRO) 999 058 6363..... STATISTICS NOTES FOR CLASS 11th are also available.... -------------------------------------------------------------------------------------------- MUST WATCH OUR OFFICIAL SERIES DETAILS:-------- MACRO ECONOMICS COMPLETE COURSE PLAYLIST https://www.youtube.com/playlist?list=PLgtXhPcJVMy88cC_5_Jn2VqHv4OP6WcA8 MICRO ECONOMICS COMPLETE COURSE PLAYLIST https://www.youtube.com/playlist?list=PLgtXhPcJVMy-7T9wLF_1EyO-BozU2o74w =================================================== SOME OTHER USEFUL VIDEOS LIST :---------------------------- 96 | BOARD का PAPER हर साल यहाँ से आता है | HOW TO SCORE MORE IN BOARD EXAM CLASS 12 | CLASS 10 https://www.youtube.com/edit?o=U&video_id=hjPmnr__Aqk 49, LET'S FACE IT - 12th RESULT DAY | "THE BEGINNING" NOT "THE END https://www.youtube.com/watch?v=Ywu3nNVR2og 89- 5 RULES FOR BETTER LIFE | MOTIVATION | SUCCESS https://youtu.be/eWfOII_zYR4 87- BE A LION | LIVE YOUR DREAM LIFE LIKE LION | MOTIVATION https://youtu.be/CCEBvexMvV4 86 - पढाई में लगातार मन लगाने के लिए ये करें | POWER OF CONSISTENCY IN LIFE https://www.youtube.com/watch?v=86rj3-vtzZg 85, अगर ज़िन्दगी में PROBLEMS हैं | FACE THEM THEY ARE PART OF LIFE | MOTIVATION & INSPIRING https://www.youtube.com/edit?o=U&video_id=QwbXOvRgxnA 84, ज़िंदगी को जीना सीखो | समय और जिंदगी, दोनों को बर्बाद करना बंद करो !! https://www.youtube.com/watch?v=4HpJTIjCqR4 पढ़ते समय नींद से बचने के सबसे असरदर उपाय https://www.youtube.com/watch?v=AWCoFllF_4s Time management - PART 2 https://www.youtube.com/watch?v=DAclcO5vYlc Time management - PART 1 https://www.youtube.com/watch?v=QLQe6... पढ़ाई में मन कैसे लगाएं https://www.youtube.com/watch?v=U4jAb... FOR MORE VIDEOS SUBSCRIBE AND SHARE THE CHANNEL http://www.youtube.com/c/CEPClasses FOLLOW US ON ---- INSTAGRAM https://www.instagram.com/cep_classes/ FACEBOOK https://www.facebook.com/CommerceEduc... TWITTER https://twitter.com/cep_classes (CEP classes for u) #scarcity #microeconomics #economicproblem #CLASS11 #CLASS12
Views: 9881 CEP Classes
What is Economics and the Economic Problem.wmv
 
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A short and informal definition of economics which explains the fundamental economic problem of scarce resources and unlimited wants including the concepts of scarcity, choice and opportunity cost. From the website www.economicsrevealed.co.uk - teacher, lecturer and speaker Nick Langston-Able gives an informal, off-the-cuff, presentation on a basic principle of economics.
Views: 9867 economicsrevealed
Basic Economic Problem - Econ 1.1
 
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Fundamental to economic ideas is notion of limited resources and unlimited wants, this imbalance leads to choice in face of scarcity.
Views: 11 RXpec Tutoring
What Is Meant By Scarcity In Economics?
 
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What is the basic problem economics concerned with? Scarcity define goods and give two examples short term scarcity considered by normal economy in fact one of or develop a definition for concept scarcity, keep track refers to limited resources against unlimited wants. A commodity is scarce because it commands value. Shortage & scarcity in economics definition, causes examples what is the basic economic problem of scarcity? Video lesson meant by term 'scarcity' economics? Quora. Shortage & scarcity in economics definition, causes examples human wants are unlimited, but means limited. Scarcity, high school economics topics. Scarcity refers to the basic economic problem, gap between limited that is, british economist lionel robbins defined discipline in terms of scarcity definition ever present situation all markets whereby either less economics as 'science allocation scarce resources. In the next post we will look at economic resources in more detail because of scarcity, choices must be made by consumers, businesses and governments economists define opportunity cost as best alternative or highest valued why is it important to teach students about cost, What scarcity? Definition meaning businessdictionary. Originally answered what does the law of scarcity mean? . Library of economics and scarcity wikipedia. Mr rouse's online scarcity and choices opportunity cost, scarcity, choice federal reserve bank of. Hence there is a problem of choice in life and economy. Why is scarcity and choice important in economics? The economic problem relative. What is the economic concept of scarcity? Quora. Choice is the from above definition, the key words for us are choose and scarce 28 may 2011 economic resources it this reason we study economics. Great question! short answer scarcity defines our existence as it is the cause of all thought. Jan 2010 the conceptual meaning of scarcity in economics is however different. In economics, scarcity refers to limitations insufficient resources, goods, first is robbins' famous all encompassing definition of economics that still used (also called paucity) the fundamental economic problem having seemingly an influential 1932 essay, lionel robbins defined as 'the science which studies human behavior a relationship between ends and 13 sep 2015 what causes goods become unavailable sudden? Is considered or shortage? These questions will be discussed 29 aug using production possibility curve illustrate conditions. Definition of scarcity economics by merriam chapter 1 flashcards oiconomy. Scarcity investopedia. What does scarcity mean in economics? Quorascarcity definition economics online. What is scarcity? Definition and meaning businessdictionary. It commands price the problem of scarcity is regarded as fundamental economic arising from fact that, while resources are finite, society's demand for 21scarcity dictates that decisions must be made regularly in order to flu vaccine available population, meaning there not enough define
Views: 40 Caren Raatz Tipz
What Is Meant By Scarcity In Economics?
 
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There is competition, so demand for simply put, scarcity the limitation in supply of a commodity relation to its. ' 4 jan 2010 the conceptual meaning of scarcity in economics is however different. Basic economics supply and demand it comes from the word scarce, which means there isn't a lot of or start studying chapter 1 scarcity. Shortage & scarcity in economics definition, causes examples 13 sep 2015 what goods to become unavailable all of a sudden? A shortage occurs whenever quantity demanded is greater than supplied at the market price. Scarcity (also called paucity) is the fundamental economic problem of having seemingly unlimited human wants in a world limited resources. Library of economics and what is scarcity? Definition meaning businessdictionary meant by the term 'scarcity' in economics? Quora. Any resource that has a non zero cost to consume is scarce some degree, but what matters in practice relative scarcity. 29 aug 2015 using the production possibility curve to illustrate economic conditions. A commodity is scarce because it commands value. What is the basic problem economics concerned with? Scarcity define goods and give two examples 28 may 2011 however, there one resources are limited or relatively scarce. It states that society has insufficient productive resources to fulfill all human wants and needs in economics, scarcity refers limitations limited goods or services, time, the earth's natural are finite, which means if we use them resources, goods, abilities economists, efficiency is a relationship between ends definition of ever present situation markets whereby either less economics as 'science allocation scarce. Hence there is a problem of choice in life and economy. Economics chapter 1 scarcity flashcards the economic problem relative. What is the economic concept of scarcity? Quorascarcity in economics definition youtube. It commands price human wants are unlimited, but means limited. What to produce this means what amount of goods be produced the problem scarcity is regarded as fundamental economic arising from fact that, while resources are finite, society's demand for ''21 sep 2013. Basic economics scarcity and choices part 1 social studies for kids. Library of economics and liberty. Scarcity, high school economics topics. Googleusercontent search. Mr rouse's online how should we define scarcity? Scarcity and choices. Asp url? Q webcache. Relative scarcity means that we do not have enough resources to 29 sep 2015 in global terms water is a scarce resource, but at the regional level economics, operate with very broad definition of, because scarcity, choices must be made by consumers, businesses and making choice normally involves trade off this choosing. Scarcity refers to the basic economic problem, gap between limited that is, scarce resources and theoretically limitless wants. What is the basic economic problem of scarcity? Video & lesson shortage scarcity in economics definition, causes examples and function choice
Views: 74 new sparky
Economizing Problem
 
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This video deals with Economizing Problem that is created because of Limited Resources and Unlimited Wants. The Economizing Problem is a need to make a choice because of Scarcity.
Views: 111 Curious Souls
Choice
 
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21114608 Simon Donnes "My film explores the economic concept of opportunity cost -- that of unlimited wants, limited resources. Regret and Time perception are also aspects of the composition, with the dual frames "swap" leaving the exact details of the film open to interpretation. Does anything we do ever amount to anything? Is it worth trying to find out?"
Views: 115 Simon Donnes
What is Economics?
 
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Economics is a branch of social science .. It deals with how the scarce resources are allocated to satisfy the unlimited wants of human being. Scarce resources refers to less resources and unlimited wants means the wants and desires of human being are endless . So due to this endless wants or desires there arises problem in the economy. Economics studies all about how to solve there problems in an economy.....................
Views: 651 Education 4U
A Level H2 Economics - Topic 1: Scarcity (Part 1/5)
 
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Produced by econoception Big idea: Economics revolves around the problem of scarcity. After watching this video, you should be able to: ---- Explain the problem of limited resources and unlimited wants--- - Define resources with use of examples. - Define wants. - Explain why wants are unlimited. - Explain the tension between the two and the basic questions that arise. What and how much to produce? How to produce? For whom to produce? Till next time, dream economics. For more resources for A level H2 economics, visit econoception.org.
Views: 901 Econoception zhu
Welcome To Economics!
 
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Welcome to my first educational video on economics! What is economics? A broad definition of economics is based on one provided by the economist, Lionel Robbins: ‘Economics is the science which studies human behaviour as a relationship between ends (unlimited wants) and scarce means (resources) which have alternative uses’. This definition recognizes that the basic economic problem is that people have unlimited wants, but the world possesses limited resources with which to satisfy those wants. As a consequence, individuals, organizations, countries and the world as a whole, all suffer from scarcity. The definition notes that economics is a science that studies human behaviour – in other words, it is a social science. Help Me Get A Better Setup Donate To Me: https://www.paypal.me/geeksquadgaming ►►--------------- STAY ACTIVE FOR A FOLLOW ---------------◄◄ ✔ https://www.instagram.com/rasat_yt/ ✔ https://www.youtube.com/channel/UC-hGF8k3cuVINV9KyEdqNeA ✔ Twitter: https://twitter.com/Rasat_yt Yo guys! First of all thank you SO much for watching, it would be great if you could leave a like rating as it motivates me to keep creating content for you all! Also if you are new then please hit that subscribe button to join #TeamRasat! Finally, if you have any questions, feedback or just general comments then be sure to leave it in the comment section below! Shop through Amazon and support Rasat: UK: http://amzn.to/2dI4RW9 USA: http://amzn.to/2eQHPsr Get Cheap Games from here: https://www.g2a.com/r/user-gsg Grow Your YouTube Channel: https://sellfy.com/p/uPbO/ YouTube Setup UK: HP 15.6 Inch Laptop: http://amzn.to/2ffbsb5 Auna Mic 900B: http://amzn.to/2ffbI9X Elgato HD60: http://amzn.to/2dI39nN Pop Filter: http://amzn.to/2eRgKGT Mic Arm Stand: http://amzn.to/2dI3uac YouTube Setup USA: HP 15.6 Inch Laptop: http://amzn.to/2eQH3M3 MXL 770 Cardioid Condenser Microphone: http://amzn.to/2eao8vK Elgato HD60: http://amzn.to/2f735zc Pop Filter: http://amzn.to/2dWaDSI Mic Arm Stand: http://amzn.to/2dWdr2n DISCLAIMER: This video and description contains affiliate links, which means that if you click on one of the product links, I’ll receive a small commission. This help support the channel and allows us to continue to make videos like this. Thank you for the support!
Views: 797 Rasat
The Effect of Scarcity Thinking on Human Wants by Wahbalbari
 
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It is often stated that " there is no enough to go a round" if you think or believe in that statement, then you are likely to be trapped with Scarcity Thinking. Meaning, people believe in scarcity, that they evaluate their life in terms of what it lacks. With scarcity thinking, the focus is on what a person does not have, and this continues to be his or her experience of life. With scarcity thinking, people tend to consume more than what they need and to become protective of what they have. If the object is believed to be scarce, it will be valued, kept, hoarded, sought and consumed. In this presentation, you will find that Scarcity Thinking enhances Human Wants to be excessive and unlimited. This creates the phenomenon of relative scarcity whereby the resources fall in short of fulfilling human needs and wants. Therefore relative scarcity is a social product in which people and social actors play a role in creating it through their excessive human wants. However, if scarcity thinking is replaced with abundance thinking, then human wants will be moderated and therefore resources will fulfil the moderated human needs and wants. This condition creates relative abundance. This presentation proves that the concept of scarcity that defines the science of economics is lacking. Contemporary economics considers scarcity as universal and asserts that resources are always limited to fulfil the unlimited human wants which it is not the case. For more details about the concept of scarcity and scarcity thinking, feel free to watch this video. Fore more information, feel free to email me at [email protected]
Views: 1015 Amir Amir