Why scarcity is universal phenomenon in …
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Posted by Aryan Dhawan 4 years, 6 months ago
- 2 answers
Manan Bohra 4 years, 6 months ago
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."
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Prutha Joshi 4 years, 6 months ago
1Thank You