BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -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-2: -This tension between unlimited wants and the limited productive resources available for satisfying these wants is what economists refer to as scarcity.

Detailed explanation-3: -The Economics of Seinfeld says the following regarding the term: “Unlimited wants essentially mean that people never get enough, that there is always something else that they would like to have.” “When combined with limited resources, unlimited wants result in the fundamental problem of scarcity.”

Detailed explanation-4: -Causes of Economic Scarcity Growing demand and inadequate supply and corresponding economic shortage. Decline in supply due to economic or environmental reasons. Unequal distribution of natural resources creates a scarcity of specific resources in certain places. Government intervention.