Question

what is the definition of scarcity? can u explain its features?​

Answer 1

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.

The features of Robbin's definition are: Human wants are unlimited: The scarcity definition of Economics states that human wants are unlimited. ... Economics is also called a science of choice. Hence, scarce resources are to be used for the maximum satisfaction of the essential human wants.

Answer 2

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.