Ask Question
BusinessBusiness
30 June, 05:11

Within economics, the theory of scarcity says that there are unlimited wants and a finite amount of resources. However, history has demonstrated the power of productivity to overcome the theory of scarcity. What is the economic practice responsible for overcoming scarcity?

+2
Answers (1)
  1. 30 June, 07:14
    0
    According to the economists, the resources are scarce and human wants are unlimited. So, it is difficult to satisfy each and every want of people. But according to the theory of abundance, we can overcome from this problem by division and specialization of labor. If there is a proper division of labor according to their specialization then this will increase the productivity and one can produce more goods with the same level of resources.

    From this economic practice, we can overcome from the problem of scarce resources.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Within economics, the theory of scarcity says that there are unlimited wants and a finite amount of resources. However, history has ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Detroit Corporation sued Chicago Corporation for intentional damage to Detroit's goodwill. Detroit had created its goodwill through providing high-quality services to its customers. Thus, no basis for the goodwill appeared on Detroit's balance sheet.
Answers (1)
Machinery purchased for $66,000 by Metlock Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,400 at the end of that time. Depreciation has been entered for 5 years on this basis.
Answers (1)
An electronics firm produces smart phones for sale to the worldwide market. One of the most crucial process-related competitive operational priorities for this firm is: A. Aesthetics B. Cyber Security C. Flexibility D. Durability.
Answers (1)
An increase in the U. S. interest rate A. raises the opportunity cost of holding dollars. B. shifts money demand to the right. C. induces households to increase consumption. D. leads to a depreciation of the U. S. dollar.
Answers (1)
Stellar Company sells goods that cost $309,500 to Record Company for $415,500 on January 2, 2020. The sales price includes an installation fee, which has a standalone selling price of $45,500. The standalone selling price of the goods is $370,000.
Answers (1)
New Questions in Business
Secure property rights promote economic progress because they a. encourage individuals to produce efficiently and undertake productive activities. b. weaken the incentive to take actions that increase the value of resources. c.
Answers (1)
Which sentence best demonstrates an appropriate style for an argumentative essay? anyone who believes we should increase taxes is incapable of logical reasoning and should be discounted.
Answers (1)
An increase in interest rates, all else equal, will cause ... Select one: a. A decrease in both Real GDP and price level. b. An increase in both Real GDP and price level c. An increase in Real GDP, but a decrease in price level d.
Answers (2)
Value-stream mapping: a. all of the answers are true. b. extends time function mapping back to the supplier. c. starts with the customer and works backwards. d. examines the supply chain to determine where value is added. e.
Answers (1)
If you were a team leader what strategies would you embrace or recommend to prevent unethical, unprofessional, and or illegal behavior/communication in the workplace?
Answers (1)
Home » Business » Within economics, the theory of scarcity says that there are unlimited wants and a finite amount of resources. However, history has demonstrated the power of productivity to overcome the theory of scarcity.
Sign Up Forgot Password?