Relationship between economics and scarcity

answer:

bruh,

Explanation:

Scarcity is essentially the notion that resources are available in limited supply. All resources are scarce, though it depends on the context from which you view them, as they may be scarce in some contexts, but not in others.*

If resources weren’t scarce, we could create an unlimited amount of anything we knew how to make (and many things we don’t even try to make, for lack of resources.) But that’s not the world we live in.

Meanwhile, economics, at its core, is the study of how best to use those limited resources. Frequently, economists try to optimize relatively opaque notions of ‘utility’ or ‘wellbeing,’ given that the inputs required to produce these notions are limited. In super basic terms, economics is an academic attempt to put the world’s limited resources to their best use. Put differently, economics is the attempt to make the most of the scarce resources at our disposal.

All economic problems stem from how much of a given resource exists, and how they are spread out around the world/universe. (In the near future, we will likely mine resources from asteroids and objects from beyond our planet, so we will end up reevaluating what is and isn’t scarce.)

To get back to your question: fundamentally, without scarcity, there would be no need for economics because we would have an infinite supply of anything we could imagine available immediately for no cost or tradeoff.

*An example of this context is that there is plenty of water in the universe, but we can only really access the water on the planet earth. Time is scarce, in that, as of now, humans have limited life expectancies, but it’s not scarce in that grand tasks like the building of the great wall, could be tackled by many workers.

Scarcity is essentially the notion that resources are available in limited supply. All resources are scarce, though it depends on the context from which you view them, as they may be scarce in some contexts, but not in others.*

If resources weren’t scarce, we could create an unlimited amount of anything we knew how to make (and many things we don’t even try to make, for lack of resources.) But that’s not the world we live in.

Meanwhile, economics, at its core, is the study of how best to use those limited resources. Frequently, economists try to optimize relatively opaque notions of ‘utility’ or ‘wellbeing,’ given that the inputs required to produce these notions are limited. In super basic terms, economics is an academic attempt to put the world’s limited resources to their best use. Put differently, economics is the attempt to make the most of the scarce resources at our disposal.

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. ... Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative :)