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| 1. |
"Only scarce goods attract price" Comment. |
| Answer» <html><body><p></p>Solution :The given statement is correct. All resources are not scarce in the economy. For <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a>, the <a href="https://interviewquestions.tuteehub.com/tag/air-852233" style="font-weight:bold;" target="_blank" title="Click to know more about AIR">AIR</a> we breathe is abundant in relation to wants. Such goods are available <a href="https://interviewquestions.tuteehub.com/tag/free-465311" style="font-weight:bold;" target="_blank" title="Click to know more about FREE">FREE</a> of cost. These goods are known as Non-Economic Goods. On the other hand, some goods are scare in relation to their wants. For examplepetrol, electricity, etc. are scare in relation to wants. These goods command price and are know as Economic Goods. So it is rightly <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> that only scarce goods <a href="https://interviewquestions.tuteehub.com/tag/attract-364556" style="font-weight:bold;" target="_blank" title="Click to know more about ATTRACT">ATTRACT</a> price.</body></html> | |