International Journal of Tax Economics and Management

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

Author: Sienna Barnett | Published on: 30 November, 2018   Page: 59-66

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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.

Keywords
Scarcity; Demand; Supply; Limited Resources; Unlimited Desires; Production Possibility Curve.

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Barnett, S. (2018), The Scarcity of Resources and Unlimited Wants: How We Fulfill Unlimited Wants by Limited Resources. International Journal of Tax Economics and Management, 1(1), 59-66.

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    Barnett, S. (2018) "The Scarcity of Resources and Unlimited Wants: How We Fulfill Unlimited Wants by Limited Resources", International Journal of Tax Economics and Management, 1(1), pp.59-66.

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    Barnett, S.. The Scarcity of Resources and Unlimited Wants: How We Fulfill Unlimited Wants by Limited Resources. International Journal of Tax Economics and Management. 2018; 1(1): 59-66.

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    Barnett, S.. The Scarcity of Resources and Unlimited Wants: How We Fulfill Unlimited Wants by Limited Resources. International Journal of Tax Economics and Management. 2018; 1(1): 59-66.

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    Barnett, S.. The Scarcity of Resources and Unlimited Wants: How We Fulfill Unlimited Wants by Limited Resources. International Journal of Tax Economics and Management. 2018; 1(1): 59-66.

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  • Reference

    1. Principles of Economics, Alfred Marshall, 1890
    2. Principles of Economics, Alfred Marshall, 1890
    3. Lipsey, R. G.; Lancaster, Kelvin (1956). "The General Theory of Second Best". Review of Economic Studies. 24 (1): 11–32. doi:10.2307/2296233

    [This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).]

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    Author Details


    Sienna Barnett
    Department of Economics & Business Administration
    Southern University at New Orleans
    siennabarnett92@gmail.com