How does scarcity determine the economic value of an item by the amount of goods that are produced?

1 answer:

3 0

Hello there! Scarcity determines the economic value of an item by the quantity of goods produced at the time. Let’s start by defining scarcity in economy:

Scarcity refers to the depletion, minimization, or absence of a public resource. Another way to remember this term is to think about a black footer ferret; it is an endangered species, meaning there is not much left of it. Scarcity has the same context as this but with different materials, primarily food.

Scarcity often causes the economic value of an item to raise because of its rarity. When there is less of a resource, the ideal solution for sellers of that resource is always going to be to raise the value. Money is always considered in cases like this. As the value of said item increases, less of it is made. Because less is made, there is a gradual depletion in supply of it. If you need any help, let me know and I will gladly assist you.

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The word harmony means a state of peaceful existence and agreement. To be an agreement among different kinds of people or things is harmony. Nepal is a common place of different kinds of people. There is mutual understanding, help and cooperation among them. So, the unity in diversity is the prime key to social harmony in Nepal.

Nepal is a multilingual, multicultural and multireligious and multiracial country. The people with distinct languages, races, cultures and religion inhabit in the same societies here. But there is no quarrel, fight, discrimination among them. They are living together from long time. The people who belong to various languages and races respect and love each other. Many languages are spoken in Nepal. The people have been divided into different castes and sub-castes. They own their unique languages being used by them for ages. There is no hatred between the races. The people speaking one language seem to be willing to learn other languages. Different castes and sub-castes own their unique cultures and follow different religious. The people who follow different cultures and religious do not possess hatred and hostility to other ones. Various festivals belonging to different cultures and religious are celebrated together. It ultimately fosters unity, fraternity, friendship, closeness respect and love among them.

We see or hear news of fight, murder and war in the name of religion and caste in the world but there is no such situation. Unity or national unity plays the prime role to develop the country. Social harmony strengthens national unity. Similarly, unity lessens hostility, hatred, conflict, mistrust, destruction and ruins; rather it consolidates co-operation, trust, brotherhood, friendship and so on. Social harmony builds up and boosts up the rights and freedom of the people. Social harmony in Nepal absolutely develops human prosperity and civilization.

Human is a social being by nature. Social harmony is a crucial element to introduce and maintain peace, freedom and justice in human society. A society with social harmony is a just or ideal Society. Inhumane and hostile activities may not exist in the society If the people are united with true spirit, love and brotherhood and social harmony.

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