any two features of scarcity definition of economics
Answers
Answer:
Human wants are unlimited but resources or means to satisfy them are limited. ... They are material and non- material goods like time, money, services, resources etc. These resources are scarce. Here the term scarcity is used not in the absolute sense but in the relative sense i.e., in relation to demand.
Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
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Answer:
Unlimited wants: Human wants are unlimited in number. Whenever one want is satisfied, then automatically several wants grow up. ... The means refer to goods and services which we use to satisfy our wants. They are material and nonmaterial goods like time, money, services, resources etc. These resources are scarce.
Explanation:
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