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Scarcity in economics means that there are unlimiyed human need and limited resources
27 March 2018
scarcity refers to lack of desired quantity of something. The scarcity in economics rise due to the fact that the humans have unlimited desires but only limited resources. This results in a decision to be made on how should the resources be allocated between various possible alternatives. The branch of economics helps answers the question of effectively allocating scarce resources for meeting the unending human demands. It helps answers the questions of what to produce, how to produce and for whom to produce.
08 April 2018
An individual capacity to buy all or some of the commodities as per the available resources with that individual
11 April 2018
Hi WanjiraThe idea around scarcity is that there are x amount of needs and wants in the economy from consumers, but only limited resources. Scarcity is the concept that there are unlimited needs and wants and an insufficient amount of resources to fulfill these. Hope this helps :)
14 April 2018
scarcity refers to the condition of insufficiency where the human beings are incapable to full fill their wants in sufficient manner. In other words, it is a situation of fewer resources in comparison to unlimited human wants. Human wants are unlimited. we may satisfy some of our wants but soon new wants arise. It is impossible to produce goods and services so as to satisfy all wants of people. Thus scarcity explains the relationship between limited resources and unlimited wants and the problem there in.
17 April 2018
Scarcity is key concept in economics. Essentially humans have unlimited wants (demand) that cannot be met due to limited resources (supply)
25 April 2018
Scarcity means you have unlimited demands but limited resources to fulfill those demands.
04 May 2018
Scarcity refers to the relationship between the wants and needs. Individuals limitless needs and wants must be suited to the available resources in the market in order to accomodate it. However, if the resources cannot accomodate the necessity of the people in a specific town, then scarcity is already in.
23 May 2018
What human wants in life is happiness but the things which will give him happiness aren't free and the resources he has to pay for them aren't enough hence the subject of economics focused on giving man a means or formula for making best choice or option in such a way that his limited resources can help him achieve happiness. Resources include time, money, skill knowledge, and anything he can trade for what he desires to achieve happiness
28 May 2018
Hi what is the charge out rate for this question?
15 August 2018
Scarcity in economics refers to the lack of various forms of capital.Scarcity results from the people having unlimited wants and needs or always wanting something new having when the resources are limited. Limited resources means that there are never enough resources or materials to satisfy or fulfil the wants and needs that every person have.
10 September 2018
Scarcity in economics refers to the lack of various forms of capital.Scarcity results from the people having unlimited wants and needs or always wanting something new having when the resources are limited. Limited resources means that there are never enough resources or materials to satisfy or fulfil the wants and needs that every person have.
10 September 2018
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