how would you explain scarcity definition of economic
Answers
Answered by
6
Hyy Dude
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.
May this helps you
Plz marked in brainlest answer
Answered by
3
Answer:
scarcity refer to the limitations of supply in relation to demand for a commodity
Explanation:
in a simple way scarcity is a situation in which resources are insufficient for fulfill human wants
hope this will help
Similar questions