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What is meant by scarcity ?

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What is meant by scarcity ?

Posted by Sunil Choudhary 3 years, 5 months ago

CBSE > Class 11 > Economics

4 answers

Sakshi Verma 3 years, 4 months ago

Scarcity is a situation in which what you have is less then what you wish to have

Deepanshu Jha 3 years, 4 months ago

Scarcity refer to limitations of supply on relation to demand

Yogita Ingle 3 years, 5 months 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 3 years, 5 months 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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