Question

Explain how scarcity is the undercurrent of Economics.

Answer 1

hey mate here is your answer..

Scarcity is our limited resources but unlimited wants. Our resources are limited by the 4 factors of production - land, labour, capital and enterprise. The problem of scarcity is that our wants are always beyond what we can produce with our resources. Scarcity is the root of all economic problems.

hope it helps u...