BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Since human wants are unlimited, and resources used to satisfy those wants are limited-there is scarcity. Even in the US, one of the richest countries in the world, there is scarcity–if we use our new definition of SCARCITY.

Detailed explanation-2: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.

Detailed explanation-3: -Scarcity exists because we have limited resources and unlimited wants. No society has ever had enough resources to produce all the goods and services its members wanted. Because of scarcity, all decisions involve costs.

Detailed explanation-4: -Scarcity occurs when there are limited quantities of resources to meet unlimited needs or desires. Shortages occur when producers will not or cannot offer goods or services at current prices.

Detailed explanation-5: -’Scarcity of resources’ implies that there are unlimited wants to be fulfilled by limited resources. The basic concern of an economy is to allocate the scarce resources to the best possible use in the face of unlimited wants. Thus, the problem of scarcity forces an economy to make a choice among various alternatives.