What is mean by scarcity
by scaricity of resource
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Explanation:
Scarcity refers to the limited availability of a resource in comparison to the limitless wants. ... Scarcity may also be referred to as paucity of resources. A situation of scarcity requires people to judiciously or efficiently allocate the scarce resources to meet the needs of society.
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Answer:
Scarcity refers to a basic economic problem—the gap between limited 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.
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