What is meant by scarcity in economics class 11

What is meant by scarcity in economics class 11

Learn how scarcity affects demand.Microeconomics studies the decisions of a single agent;Scarcity in supplies of products or services can lead to decisions about how to allocate resources efficiently, to meet the basic needs of a population.What does scarcity mean in economics?We face scarcity because the things that satisfy our wants are limited in availability.A commodity is scarce, in economic view, not due to its rarity in market but due to its means is limited.

Economics is the study of scarcity and needs.Scarcity explains this relationship between limited resources and unlimited wants and the problem therein.It is a fact that the total quantity of products that can be produced by applying the productive resources of an economy is insufficient to satisfy all the needs and wants of the people.

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