com mu Workshop 1 Business and Economics Business Environmen

com mu Workshop 1 (Business and Economics) Business Environment, Economics ECONOMICS FOR BUSINESS and Organisations Economists study many issues, but all of them stem from the central economic problem o scarcity. Scarcity arises because there are constraints for both consumers (e.g. limited time, in formation and income) and sellers (e.g. limited resources to produce goods and ple suggest that the problem of scarcity will eventually disappear with the development of new technology and resulting higher Is this True False peo perhaps because of a shortage of skilled labour). Some p evels of production.

Solution

Answer is false.

Scarcity arises because resources are limited and the human wants are unlimited.With the advancement of technology more wants can be satisfied but wants still would be unlimited and resources limited.