Would a division of labor still be useful in society

Reference no: EM13950523

1. If we could produce all the food we needed in our own backyards, and if technology were so advanced that we could all make anything we wanted in our basements, would an "economic problem" exist?

2. Suppose that everyone was completely versatile-able to do everyone else's work just as well as his or her own. Would a division of labor still be useful in society? Why?

3. Economics is often called the science of scarcity. How can this label be applied to a society of considerable affluence such as our own?

4. Do you consider humankind's wants to be insatiable? Does this imply that scarcity must always exist?

Reference no: EM13950523

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