Identify five situations in your social or professional life during which you were required to make...

Identify five situations in your social or professional life during which you were required to make efficient decisions relating to allocation of scarce resources to satisfy unlimited need.

Expert Solution

Scarcity is fewer resources than are needed to fill human wants and needs. These resources can be resources that come from the land, labor resources or capital resources. Scarcity is considered a basic economic problem.

Examples

In the morning while having shower or brushing teeth we waste lot of water. Water is a scarce resource so we should make judicious use of water.

I wanted to purchase iPhone but at same time I have to pay hospital bills of my mother's treatment. Money being a scarce resource I realized that mother's treatment is more important.

I always face scarcity of time. I have to spend extra time in office to complete my work. As a result I failed to spend quality time with my family members . This made me realise to utilize time prudently.

The most recent example is masks. I went to purchase one to protect myself from Covid 19 but could not get due go scarcity. This made me realise that mask is more important for doctors and nurses. So, I made one at home using old piece of cloth.

Few months back we faced shortage of gasoline as demand was high as compared to supply.

Rahul Sunny answered 2 years ago

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