Question

Describe how human desires would be met with no scarcity.

Answer 1

Without scarcity, human desires for goods and services would be completely satisfied, eliminating trade-offs and opportunity costs. Economic systems would transform due to the abundance of resources, but such a scenario is purely theoretical as scarcity is a central economic issue.

Step-by-step explanation:

In a hypothetical world without scarcity, human desires would be fully met without the need to make trade-offs. Since scarcity implies that human wants for goods and services exceed the limited supply, removing this limitation means everything would be available in abundance. With no scarcity, every person could have more and better housing, education, and an endless array of products and services without having to sacrifice one desire for another.

Without scarcity, the concept of opportunity cost becomes irrelevant, because choosing one thing does not mean forfeiting another. Economic systems would also look vastly different, as pricing, which often reflects scarcity, would not function in the same way. Having unlimited resources might lead to continuous consumption without the need to allocate resources efficiently or innovate. However, it's crucial to recognize that this scenario is purely theoretical, as in reality, scarcity is a fundamental economic problem driving how societies operate.

Answer 2

Human needs are the impulse that individuals have to access certain goods or things. Scarcity, in turn, is the lack of goods or things to meet the needs of all humans in general.

Therefore, all human needs could be covered without major problems if the phenomenon of scarcity did not exist, that is, if there were more goods available than those demanded by society.