Economists believe that resources should be used as efficiently as possible to
1. achieve society's goals
2. eliminate scarcity
3. reduce inequity
4. do all of the above
Do a little research, then take a shot. What do you think?
1 Achieve
To answer the question, we can start by understanding what economists mean by efficiency. Efficiency in economics refers to the optimal allocation and utilization of resources to maximize the overall welfare or output of society. Economists argue that resources should be used as efficiently as possible to achieve society's goals, eliminate scarcity, and reduce inequity.
1. Achieve society's goals: Efficient use of resources helps society achieve its desired objectives or goals. Whether it's improving living standards, promoting economic growth, or addressing societal issues, using resources efficiently is crucial in achieving these goals. For example, if resources are allocated efficiently in education, healthcare, infrastructure, and other key areas, society can better address its goals of providing quality education, healthcare access, and transportation systems.
2. Eliminate scarcity: Scarcity is a fundamental concept in economics, referring to the limited availability of resources relative to unlimited human wants and needs. Efficient resource usage allows for optimizing the production and consumption of goods and services, which helps alleviate scarcity to some extent. By ensuring that resources are utilized effectively and not wasted, societies can reduce the impact of scarcity, ensuring that more of society's needs and wants can be satisfied.
3. Reduce inequity: Inequity refers to the presence of unfairness or inequality in the distribution of resources, income, or opportunities within society. Efficient use of resources can contribute to reducing inequity by ensuring that resources are allocated in a manner that minimizes disparities and promotes more equitable outcomes. By using resources efficiently, economists argue that societies can bridge the gap between the haves and have-nots, ensuring a fairer distribution of goods, services, and opportunities.
Therefore, economists believe that resources should be used as efficiently as possible to achieve society's goals, eliminate scarcity, and reduce inequity. Consequently, the correct answer to your question is option 4: do all of the above.