Explain the scarcity definition of economics and asses it
Answers
Answered by
10
Answer:
In Economics, scarcity is defined as the concept of tension that exists in between limited resources available along with unlimited wants of individuals. ... It is very much essential to take the best decision so that these resources can be preserved for forthcoming generation.
Answered by
2
scarcity refers to lack of desired quantity of something. The scarcity in economics rise due to the fact that the humans have unlimited desires but only limited resources. ... Scarcity is the concept that there are unlimited needs and wants and an insufficient amount of resources to fulfill these.
Similar questions