The Scarcity of Resources and Unlimited Wants: How We Fulfill Unlimited Wants by Limited Resources

Abstract

Lack of human life is infinite. But our resources are limited to meet this shortfall. People feel lacking in their lives after lacking. If he meets a need to give up hope of another one. Only resources can be used properly to combine between infinite deficiencies and limited resources. If we cannot use resources properly then our deficiency or needs cannot be met. Due to lack of resources, due to lack of proper resources or lack of resources, selection is the most important. The problem of infinite loss and lack of resources is possible only when people can choose from the most essential shortcomings from their limitless lack. And in the shortage of resources, it will be able to create consistency in meeting the needs. According to R.G Lipsey, “One of the basic problems encountered in most aspects of economics is the problem of scarcity”. Therefore, the lack of economics and selection of the products and production of essential commodities are a major problem. Thus, production possibility curve rises.