Question

How do resources and wants create scarcity?

Answer 1

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 at poss
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Answer 2

Scarcity is the gap between the things which are limited like resources and things which are critically limitless.
If you are over utilising ,exploiting the resources without thinking of future this leads to scarcity.
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