What is the defination of scarcity...class 11th economics.
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Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. ... Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity.
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The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.
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