Question

Explain the scarcity definition of Economics and assess it.

Answer 1

Lionel Robbins (1939) believes that scarcity exists as the available resources are insufficient to satisfy all wants and needs. .defined economics as the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.

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Answer 2

In Economics, scarcity is defined as the concept of tension that exists in between limited resources available along with unlimited wants of individuals. Limited resources include time along with money and skills.

There are also natural resources, labor force and capital for a country.

It is very much essential to take the best decision so that these resources can be preserved for forthcoming generation.

Otherwise, it may lead towards something unexpected.