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Some would say the key economic issue is unlimited wants and limited resources. Discuss

Some would say the key economic issue is unlimited wants and limited resources. Discuss

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Answer) Economic as an subject tries to maximize the welfare given the limited amount of resources. Since the amount of resources are scarce and the wants are unlimited. Hence there is a dire need to make a trade-off between two suitable situation. For instance, Government has to spend tax revenue either in providing subsidies to the marginalized section of the society or investment the amount in space research.

There is a hidden cost attached called as opportunity cost. Which is the next best alternative to which the resources could have been employed. Further verifying the issue of trade off in the society.

The issue of unlimited wants and limited resources can be best summarised in the form of sustainable development. Whereby, the development fulfills the need of present generation without compromising the interest of the future generation.

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