People usually refer to scarcity in Economics as in scarcity of money or resources to buy...
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People usually refer to scarcity in Economics as in scarcity of money or resources to buy things. Do you think scarcity also applies to time? Explain. Also, Economists tend to say there is no such thing as a free lunch. What do you think they mean? |
Homework Answers
Yes scarcity also applies to time.
Take an example of individual in an economy his consumption depends on the income he earns through Wages. Wages are directly proportional to number of hours he worked in a day this identity of working hours is bounded in upper limit with 24 hours per day.
Therefore individual has to manage work and leisure through out a day given the constraint of 24 hours this constraint condition brings time scarcity into the picture.
Ans 2)
Yes there is no free lunch means you will not finding any profit making opportunities without investing any positive investment.
If market has no free lunches that means there are no arbitrage opportunities in the given market.( Arbitrage opportunity means making sure shot profit)
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