--%>
Assignment Help - homework help

What is Scarcity Definition of economics

What is Scarcity Definition of economics?

E

Expert

Verified

Lionel Robbins said Economics is the science which studies human behaviour as a relationship among ends and scares means which have another use. He stressed on the importance of four fundamental characters of human existence such as:


i) Unlimited wants
ii) Scarcity of means
iii)  Alternate uses of scarce means
iv) The Economic Problem

   Related Questions in Managerial Economics

  • Q : Illustrates the Importance of

    Illustrates the Importance of managerial economics?

    		•
  • Q : Definition of Managerial economics

    Describes the definition of Managerial economics according to Douglas?

    		•
  • Q : Define the some criticized highlight

    Define the some criticized highlight points of Adam Smith?

    		•
  • Q : Supply of certain types of labor The

    The supply of certain types of labor is determined through the: (w) skills of potential workers. (x) the availability of other workers. (y) the prices of output. (z) production technology. I need a good answer on the topic of

  • Q : Tax when price elasticity of

    When the ratio of the price elasticity of demand of a taxed good associate to its price elasticity of supply increases, tax is: (w) revenue will fall when tax rates are raised. (x) hikes will cause buyer's total outla

    		•
  • Q : Defined the simple way for production

    Defined the simple way for production function?

    		•
  • Q : Competitive demand of employer A

    A competitive demand of employer for labor is: (1) derived from the demand that exists for the firm’s output. (2) inverted compared to regular demands. (3) shifted rightward by hikes in real wage rates. (4) positively sloped. (4) determined thro

    		•
  • Q : Economic Efficiency to make one person

    When an economic alteration makes one person better off whereas no one else is affected, then this is: (w) efficient to make the change. (x) traumatic to make the change. (y) neither good nor bad for society. (z) strictly a positive value judgment to

    		•
  • Q : Human Capital and Wage Differentials in

    If compared along with average high school graduates, in that case average Americans along with college degrees: (1) uniformly earn more at every point over their whole lives. (2) earn more primarily early throughout their careers. (3) earn more, but only later during

    		•
  • Q : Explain about leading indices Explain

    Explain about leading indices.

    		•