ICSE Class 9 Answered
Explain the demertis of scarcity definition.
Asked by PriyanshuRaj954 | 10 Aug, 2018, 07:54: PM
Expert Answer
Scarcity of definition has certain demerits
Scarcity definition is not dynamic in nature which deals with the situations prevailing currently but not future. Hence, there is a problem of economic growth.
Economic problem may also persists even when there is abundant supply of resources.
It does not hold good for a socialist economy because the government take care of the basic necessities of the people.
When limited means are utilised to satisfy the unlimited wants. So, it maximise the satisfaction of the people which leads to welfare of the economy.
Answered by Tharageswari S | 11 Aug, 2018, 03:48: PM
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