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What is meant by scarcity?

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What is meant by scarcity?

Posted by Sunil Choudhary 3 years, 3 months ago

CBSE > Class 12 > Economics

3 answers

Sia ? 3 years, 3 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.

Musicophile ❤️? 3 years, 2 months ago

In simple terms, it refers to 'shortage'.

Ekta Tiwari 3 years, 3 months ago

When demand is more than supply then it is called scarcity

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