Your time is a scarce resource. What if the quantity of time were increased, say to...
Your time is a scarce resource. What if the quantity of time were increased, say to 48 hours per day, and everyone still lived as many day as before. Would time still be scarce?
Homework Answers
Yes, it will be.
We have scarcity of resources or time in this case in the market because we have unlimited wants and limited resources, if days are made of 48 hours then our demand or needs will also increase and that will cause the scarcity again. the scarcity will not end unless we have unlimited time to match out unlimited demand for the goods.
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