ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Scarcity is a situation where the available resources are limited (not enough) to meet the unlimited needs of people.

Detailed explanation-3: -The resources that we value-time, money, labor, tools, land, and raw materials-exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity.

Detailed explanation-4: -Societies can deal with scarcity by increasing supply. The more goods and services available to all, the less scarcity there will be. Of course, increasing supply comes with limitations, such as production capacity, land available for use, time, and so on. Another way to deal with scarcity is by reducing demand.

Detailed explanation-5: -True. Scarcity means that there is less of a good or resource available than people wish to have. Any product that is limited in supply, then it becomes scarce and, in most cases, it bears a lot of real value. The demand exceeds supply resulting in scarcity, and unsatisfied human wants.