ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -As scarce resources have a value greater than zero (a ‘positive price tag’), they can be allocated depending on who pays the most for them. One way of obtaining more scarce resources is buying more of them using another scarce resource – money – which means it involves a trade-off of value.

Detailed explanation-2: -Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions.

Detailed explanation-3: -Medical Resource Scarcity and Accessibility The finiteness of medical resources results in their scarcity, leading to a supply and demand problem in which the supply of medical resources cannot meet the growing demand of the people, who want access to these knowledge-intensive services when they are sick [36, 37].

Detailed explanation-4: -Rationing is the practice of controlling the distribution of a good or service in order to cope with scarcity. Rationing is a mandate of the government, at the local or federal level.