Answer to Question #80130 in Microeconomics for Elisha omoifo

Question

“it is orthodox to say people’s desire has no boundary from the time past, even in the face realistic limited resources, individual agents never stop to want more of economic output”.In not less than 180, and not more than 250 words, validate the above statement and discuss with relevant details.

Answer 1

This statement is true, because according to the concept of scarcity people's wants are unlimited even if resources are limited.
Scarcity refers to a gap between limited resources and theoretically limitless wants. The notion of scarcity is that there is never enough (of something) to satisfy all conceivable human wants, even at advanced states of human technology. Scarcity involves making a sacrifice — giving something up, or making a tradeoff — in order to obtain more of the scarce resource that is wanted.
Source:
https://en.m.wikipedia.org/wiki/Scarcity