Posts by tag: scarcity

Does economic growth eliminate scarcity? Why?

Economic growth does not eliminate scarcity, as resources are finite and cannot be produced in infinite amounts. Economic growth is about managing resources more efficiently and effectively. It seeks to make the most out of what is available and ensure that people have access to the goods and services they need. Economic growth can increase the availability of certain goods, but it cannot create more resources. Scarcity will remain, as it is a fundamental part of economics. However, economic growth can help to reduce poverty and provide more opportunities for people to access the goods they need.