The economists are concerned with the maximization of the society well being due to scarcity of resources and unlimited wants. The scarcity is the presence of limited resources and competition on the demand side (Peter 524). In this situation, the scarce resources are located to the most efficient business via a competitive mechanism because the focus of economics is to allocate resources in the most efficient manner. Similarly, the resource scarcity causes a large allocation of time and effort to appropriate competition.
Resources are scarce in the sense that their availability is limited in relation to the unlimited wants of human ...