ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Scarcity– the fundamental problem facing all societies. It is the condition that results from society not having enough resources to produce all the things that people would like to have.

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: -Scarce Goods and Services Almost every good we consume as individuals, or as a society, costs something and is scarce. By consuming one good, another good is foregone. Therefore, scarcity creates a need for decisions and trade-offs to be made.

Detailed explanation-4: -Productive Efficiency. Allocative Efficiency. Full Employment, and. Equity.