Will Basic Economic Problem ever be solved - Essay Example

Your full November 12, Will Scar Ever Be Solved? With the ever-increasing population around the globe, the resources are becoming lesser than ever. People are generally not aware about the sustainability of their environment and the green solutions they can use to make use of the resources in the best way possible. Hence, scarcity arises, which means that the needs of human beings surpass the resources that they have to meet those needs. In other words, scarcity is a basic economic problem that the society is facing due to unlimited needs and limited resources.

This means that human beings are never satisfied with the quality and quantity of goods and services they have, and they always want more; but the nature has finite resources at any given point in time. The problem of scarcity can be solved, and is being solved, through the technological advances. Scarcity means that while a person enjoys one resource at a given time, he has to give up another to let others enjoy, or the society ends up with some people enjoying the resources and some not. Technology in the industrialized nations has made the resources available to almost everyone at the doorstep.

For example, medical health services are being provided even to remote areas through telemedicine and e-health, which remotely residing people could never think of availing. Distance education is made possible through online education, and so, remotely residing people, or those who cannot afford high university fee, can also get the same standard of education as those who can afford it. However, the counter-argument is that scarcity can never be solved because it is never enough for everybody.

Nature has finite number of resources that have to end at a certain time, but population will keep on growing and requiring. Human beings have finite choices, finite opportunities, finite time on earth, and finite energy to produce resources. Similarly, there is finite labor, capital and other economic resources in the market. Natural resources like air and solar energy are infinite, but labor and capital is required to turn these natural resources into usable energy. Technology can be used to convert solar energy into heat or electrical energy, but labor and capital is required, which is again finite.

Hence, cobweb of economic finiteness makes scarcity a big problem. Nonetheless, considering the rate at which technological advances are being made, no one knows what technology holds for us in future with respect to solving the problem of scarcity. To conclude, scarcity is a major economic problem as human needs keep on growing with the increasing population, but the number of resources stays limited to meet those needs. Technology has introduced a myriad of ways in which scarcity can be solved by providing goods and services at the doorstep, without people having to make too much effort into acquiring these services.

Still, there are other problems especially at the national level in which labor and capital is required to use technology to produce resources. Human beings have to wait for more technological advances to address the problem of scarcity at a bigger scale.