Define scarcity,statistics(both in plural and singular sense
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Scarcity- Scarcity, also known as paucity, is an economics term used to refer to a gap between insufficient resources and the many theoretical needs that people expect to be met by the said resource. As a result, people are forced to decide how best to allocate a scarce resource in an efficient manner so that most of the needs and additional wants can be met.
Statistics in plural sense - In plural sense, it means a systematic collection of numerical facts
Statistics in singular sense- In singular sense, it is the science of collecting, classifying and using statistics.
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