Question

Two factors that define scarcity

Answer 1

The two factors that define scarcity are as follows -

Unlimited demand for natural resources and other facilities like electricity, transport and communication services. Human demands never end.

The Limited supply of resources which cannot satisfy infinite wants over a long period of time.

Best example of scarce resources are money and time.

Answer 2

Limited natural resources and concentration of resources in a few hands are two main factors that define scarcity.

Explanation:  

• The human wants never ends as the amount of resource one possesses is never to satisfy his wants.
• The difference between need and want to create the imbalance of the concentration of resources in a few hands which leaves others below the poverty line.
• The availability of resources is limited as nature has made balance in providing things that are sufficient for the well being of all. However, the lacuna of resources creates scarcity.

Learn more about scarcity:

Scarcity and choice go together. comment.

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