Question

what is the scarcity-oriented definition of economics? Explain the main virtues of this definition​

Answer 1

Answer:

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Explanation:

Scarcity refers to the basic economic problem, the gap between limited

. Scarcity is when the means to fulfill ends are limited and costly.

. Scarcity is the foundation of the essential problem of economics: the allocation of limited means to fulfill unlimited wants and needs.

Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity. Scarcity is also referred to as "paucity."

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