"scarcity of resources is the mother of all economic problems."discuss with examples.​

Indeed, scarcity is the mother of all economic problems. This is so because scarcity implies a lack of resources to supply all of the available demand for said good or service. Therefore, in the event of a lack of resources, two fundamental situations occur: on the one hand, due to the law of supply and demand, the greater the scarcity of a highly demanded good, the higher its price and the lower its accessibility; on the other, the scarcity itself implies that not all those who need the resource can access it.

Thus, the shortage has several clearly visible consequences. For example, food shortages can generate famines, food price inflation, bankruptcies of food producing and marketing companies, etc.

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o