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[5] Economic theory views absolute and relative scarcity as distinct concepts and is "quick in emphasizing that it is relative scarcity that defines economics." [6] Current economic theory is derived in large part from the concept of relative scarcity which "states that goods are scarce because there are not enough resources to produce all the ...
In view of the scarce resources, the question of whether all available resources are fully utilized is an important one. A community should achieve maximum satisfaction by using the scarce resources in the best possible manner—not wasting resources or using them inefficiently.
Notably, India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has "magnified pre-existing risks to India's economic outlook". The World Bank and rating agencies had initially revised India's growth for FY2021 with the lowest figures India has seen in three decades since India's economic ...
As the world economy has struggled to regain its footing amidst the events of the past few years, Chinese exports have skyrocketed in the global market, rapidly increasing production to cover the quickly-rising global demand. In just one year, China's trade surplus with the US alone rose to $335.5 billion in 2021, up from $308.1 billion in 2020.
Post-scarcity is a theoretical economic situation in which most goods can be produced in great abundance with minimal human labor, so that they become available to all very cheaply or even freely. [1] [2] Post-scarcity does not mean that scarcity has been eliminated for all goods and services.
An economic liberal argument against artificial scarcity is that, in the absence of artificial scarcity, businesses and individuals would create tools based on their own need (demand). For example, if a business had a strong need for a voice recognition program, they would pay to have the program developed to suit their needs.
[46]: 560 Many people in Sub-Saharan Africa are living with economic water scarcity. [48]: 11 There is enough freshwater available globally and averaged over the year to meet demand. As such, water scarcity is caused by a mismatch between when and where people need water, and when and where it is available. [49]
Water scarcity in India is an ongoing crisis that affects nearly hundreds of million of people each year. [1] In addition to affecting the huge rural and urban population, the water scarcity in India also extensively affects the ecosystem and agriculture .