What is meant by scarcity ?
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Posted by Sunil Choudhary 5 years ago
- 4 answers
Yogita Ingle 5 years ago
Scarcity: Refers to limited supply of resources in the economy in relation to demand, this is due to the unlimited wants of human beings.
Gaurav Seth 5 years ago
Scarcity: Refers to limited supply of resources in the economy in relation to demand, this is due to the unlimited wants of human beings.
Scarcity of resources refers to the situation where the resources are limited in quantity and have alternative uses in production of various commodities which have high demand in the economy that results in excess demand as supply is limited.
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Sakshi Verma 5 years ago
0Thank You