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Class : 11
Unit : Economics

What are the Main Ideas/Characteristics/Features of Scarcity Definition?

Ans : Main Ideas/Characteristics/Features of Scarcity Definition:- i) Unlimited ends or wants:- ‘Ends’ here refers to human wants. Human wants are unlimited which can never be fulfilled. The nature of those unlimited wants is such that if one want is satisfied another one arises. It is impossible that a person has all his wants fulfilled. So the struggle to produce more goods or get income continuous for whole life. ii) Scarce means or resources:- ‘Means’ here refers to resources. Human wants are unlimited but resources to satisfy those wants are limited or scarce. We call such resources as limited when demand is more and supply is less. Man’s wants are unlimited and resources available to satisfy them are scarce. iii) Means have alternative uses:- According to Robbins, the means have alternative uses. i.e. they can be put to different uses. for example, Land can be used in many ways such as it can be used for agriculture or for building a house or to establish a factory etc. iv) Want differ in urgency:- All human wants are not equally urgency. They differ in urgency. Some wants are more urgent and some are less urgent. Since means are limited we should choose the most urgent want first and postponed the less urgent want. v) Problem of choice:- Human wants are unlimited but means to satisfy those wants are limited. This compels us to go a making choice have to drive maximum satisfaction. Thus, according to Robbins the choice problem is the central problem of economics. Because if there were unlimited means then there would be no such problem. Therefore it is often said,” Economics is a science of choice,” vi) Positive science:- Robbins said that human wants are unlimited and resources are limited in the economics. It explains the real situation without value judgment. Therefore, it is a positive science.
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