Economic Scarcity Meaning Explained Examples Causes
What is Economic Scarcity? It explains the significant difference between demand and supply of goods and services. That is, supply is not on par with the demand. The availability of resources in insufficient amounts makes it costly. Therefore, optimal allocation and use of scarce resources are important to ensure that maximum people can benefit from it. Key Takeaways Economic scarcity definition explains an important economic term pointing to the gap between limited availability of resources and unlimited needs of the people....