Question

What is the defination of scarcity..class 11th economics....

Answer 1

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Scarcity is a fundamental part of economics.

It is all about using the resources we have, i.e., the factors of production – which are limited. Using them, that is, to try to satisfy our seemingly unlimited wants.

Answer 2

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.