Economy, asked by ElegantMermaid, 2 months ago

Who propounded scarcity definition and in which year?

Answers

Answered by sv6762107

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. 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."

Answered by Anonymous

Answer:

thanks for following

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stay safe and healthy

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