Unlimited wants is an economic term that refers to humans’ insatiable appetite for things. We never get enough because there is always something else that we need or want. The term ‘unlimited wants’ is the side of human nature that wants an infinite number of things. However, the resources we have available to get these wants are limited.
There are two halves of scarcity that have plagued us ever since we first set foot on this Earth:
Limited resources.
Unlimited wants.
The Economics of Seinfeld says the following regarding the term:
“Unlimited wants essentially mean that people never get enough, that there is always something else that they would like to have.”
“When combined with limited resources, unlimited wants result in the fundamental problem of scarcity.”
Unlimited wants – limited resources
What we want and need has no limit, i.e., it is infinite. However, what we can afford is finite, i.e., it has a limit. This is a basic condition of human existence.
We are never completely satisfied with everything we consume. We consume a variety of goods and services, but they are never enough.
In other words, there is always something else that I, you, or anybody else would want or need.
The term applies to all socioeconomic groups. Low-income groups have limited resources, and their wants always exceed those resources. However, the same happens with middle-income and upper-income groups. They never feel they have enough.
The reason is a very simple one. Every income group’s resources are finite. However, unlimited want is a feature of every human.
Put simply; our wants and needs are infinite, but our wealth is not.
The economic problem – unlimited wants
‘The economic problem‘ is a term that economists use. It states that the finite resources of an economy are not enough to satisfy all our wants and needs. We also call it ‘the central economic problem‘ or ‘the basic economic problem.’
The main question we ask when considering ‘the economic problem’ is: “How do we satisfy unlimited wants with limited resources?”
As we cannot produce everything, we have to prioritize. We must decide what to produce, how to produce it, and how much to produce. We must also determine for whom to produce.
Human wants are constant and infinite, but the resources to satisfy them are finite. The resources cannot exceed the amount of human and natural resources available.
We produce things that we know people want, as long as we have the resources to make them. How strong or weak demand is determines how much we charge for those things. It also determines how much we produce (supply).
In other words, markets fores, i.e., the forces of supply and demand, in a free market economy, determine prices.
Wants vs. needs
Needs are things without which we cannot survive. Wants are things we desire. However, we can survive without those wants.
Food, water, and housing, for example, are needs. Clothing is also a need. Without food or water, we would die. We would probably die too without housing. In cold countries, we would not survive without clothing.
A nice car, smartphone, and vacation by the beach are wants. If I don’t have a nice car, I will still live. If I don’t go to Cancun for my winter break, I won’t die. However, I want these things.
Fundamental needs are key in the function of the economy. Wants, however, are the driving forces that stimulate demand for things, i.e., demand for goods and services.
We can say either ‘unlimited wants’ or ‘unlimited wants and needs.’
Answer and Explanation:
The two principles or corollaries of Carnot Theorem are listed below:
1). The efficiencies of all the reversible heat engines between any two thermal reservoirs working between the same temperatures will be equal to each other.
2). For every Carnot engine working between any two thermal reservoirs will have the same efficiency independent of the operating conditions and the nature of working substance. It only depends on the temperature of the thermal energy reservoirs.
Answer:
hello your question is incomplete attached below is the complete question
answer :
Slopes : B = 180 mm , C = 373 mm
Deflection: B = 0.0514 rad , C = 0.077 rad
Explanation:
Given data :
I = 500(10^6) mm^4
E = 70 GPa
The M / EI diagram is attached below
<u><em>Deflection angle at B</em></u>
∅B = ∅BA = [ 150 (6) + 1/2 (300)*6 ] / EI
= 1800 / ( 500 * 70 ) = 0.0514 rad
<u><em>slope at B </em></u>
ΔB = ΔBA = [ 150(6)*3 + 1/2 (300)*6*4 ] / EI
= 6300 / ( 500 * 70 ) = 0.18 m = 180 mm
<u><em>Deflection angle at C </em></u>
∅C = ∅CA = [ 1800 + 300*3 ] / EI
= 2700 / ( 500 * 70 )
= 2700 / 35000 = 0.077 rad
<u><em>Slope at C </em></u>
ΔC = [ 150 * 6 * 6 + 1/2 (800)*6*7 + 300(3) *1.5 ]
= 13050 / 35000 = 373 mm
Answer:
the angle of twist of B with respect to D is -1.15°
the angle of twist of C with respect to D is 1.15°
Explanation:
The missing diagram that is supposed to be added to this image is attached in the file below.
From the given information:
The shaft is made of A992 steel. It has a diameter of 1 in and is supported by bearing at A and D.
For the Modulus of Rigidity G = 11 × 10³ Ksi = 11 × 10⁶ lb/in²
The objective are :
1) To determine the angle of twist of B with respect to D
Considering the Polar moment of Inertia at the shaft 
shaft = 
where ;
r = 1 in /2
r = 0.5 in
shaft 
= 
shaft = 0.098218
Now; the angle of twist at B with respect to D is calculated by using the expression
where;
are the torques at segments CD and length at segments CD
are the torques at segments BC and length at segments BC
Also ; from the diagram; the following values where obtained:
= 2.5 in
= 0.098218
G = 11 × 10⁶ lb/in²
= -60 lb.ft
= 0 lb.ft
= 5.5 in
![\phi_{B/D} = 0+ \dfrac{[(-60 \times 12 )] (2.5 \times 12 )}{ (0.9818)(11 \times 10^6)}](https://tex.z-dn.net/?f=%5Cphi_%7BB%2FD%7D%20%3D%200%2B%20%5Cdfrac%7B%5B%28-60%20%5Ctimes%2012%20%29%5D%20%282.5%20%5Ctimes%20%2012%20%29%7D%7B%20%280.9818%29%2811%20%5Ctimes%2010%5E6%29%7D)
![\phi_{B/D} = \dfrac{[(-720 )] (30 )}{1079980}](https://tex.z-dn.net/?f=%5Cphi_%7BB%2FD%7D%20%3D%20%5Cdfrac%7B%5B%28-720%20%29%5D%20%2830%20%29%7D%7B1079980%7D)
− 0.02 rad
To degree; we have
Since we have a negative sign; that typically illustrates that the angle of twist is in an anti- clockwise direction
Thus; the angle of twist of B with respect to D is 1.15°
(2) Determine the angle of twist of C with respect to D.Answer unit: degree or radians, two decimal places
For the angle of twist of C with respect to D; we have:
![\phi_{B/D} = 0+ \dfrac{[(60 \times 12 )] (2.5 \times 12 )}{ (0.9818)(11 \times 10^6)}](https://tex.z-dn.net/?f=%5Cphi_%7BB%2FD%7D%20%3D%200%2B%20%5Cdfrac%7B%5B%2860%20%5Ctimes%2012%20%29%5D%20%282.5%20%5Ctimes%20%2012%20%29%7D%7B%20%280.9818%29%2811%20%5Ctimes%2010%5E6%29%7D)
0.02 rad
To degree; we have
