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: -Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.

Detailed explanation-3: -Complete answer: Lionel Robbins who was a famous economist gave a popular explanation of ends and scarcity in the economy which is known as Robbin’s definition. He defined human needs as ends in the economy that are unlimited.

Detailed explanation-4: -Scarcity means individuals, businesses and governments have to deal with the problem of unlimited wants, but limited resources. Every economic system, from capitalism to socialism, has to deal with the problem of scarcity whereby the demand is greater than the supply.

Detailed explanation-5: -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.