ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In general, scarcity refers to the idea that resources are limited, but our wants and needs are unlimited. Scarcity is the concept that resources are only available in limited supply, whereas society’s demand for those resources is unlimited.

Detailed explanation-2: -Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.

Detailed explanation-3: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.

Detailed explanation-4: -It’s time to wrap things up, but before we go, always remember that the four factors of production-land, labor, capital, and entrepreneurship-are scarce resources that form the building blocks of the economy.

Detailed explanation-5: -Land – a shortage of fertile land for populations to grow food. Water scarcity – Global warming and changing weather, has caused some parts of the world to become drier and rivers to dry up. Labour shortages. Health care shortages. Seasonal shortages. Fixed supply of roads. 25-Jun-2019