Question

define the term scarcity as used in. economics.​

Answer 1

Answer:

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Explanation:

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.

Answer 2

Answer:

The problem of scarcity is regarded as the fundamental economics problem arise from the fact that while resources are finite .