Scarcity means limitation of the availability of resources in relation to their wants. That means the available resources are not enough to completely satisfy all the wants.
By now, you must have already learnt that human beings have unlimited wants. And as the resources with which these wants must be satisfied are limited, we can understand that ‘scarcity’ is the central economic problem of everyone including individuals, firms and the government, and even the whole world.
Welfare economics focuses on the optimal allocation of resources and goods and how the allocation of these resources affects social welfare. This relates directly to the study of income distribution and how it affects the common good. Welfare economics is a subjective study that may assign units of welfare or utility to create models that measure the improvements to individuals based on their personal scales
Answer:
Explanation:
Taxe is an obligatory to every work
Answer: more; increasing; recessionary gap
Explanation:
When the Fed decreases the Required Reserves which is how much of deposits that Banks are required to hold, the banks will have more money to lend out and so will lend out more than before.
This will increase the Aggregate Demand and equilibrium income because people would borrow more money which they can use to demand more goods and services.
When this happens the Economic grows as producers will try to produce more goods as well as employ more people. This Growth will pull the economy out of the Recessionary gap it would have been going through which refers to a situation where the Real GDP is less than the Potential GDP.
Transnet is South African transportation sector company. This company included freight, logistic, and rail transportation in its business. For a decade, the Transnet Company have enjoyed the monopoly market in fright, logistic, and rail transportation in South Africa. because they control every rail in South Africa back then.
