Question

Define the problem of scarcity of resources.​

Answer 1

Answer:

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

India also faces a severe energy shortage. Seventy-five percent of rural India relies on traditional sources of energy, including firewood, and about 300 million people have no access to electricity. Efforts to increase electricity generation capacity and coal production have fallen short.

Answer 2

Explanation:

1. Scarcity is when the means to fulfill ends are limited and costly.
2. Scarcity is the foundation of the essential problem of economics: the allocation of limited means to fulfill unlimited wants and needs.
3. Even free natural resources can become scarce if costs arise in obtaining or consuming them, or if consumer demand for previously unwanted resources increases due to changing preferences or newly discovered uses

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