NEET BIOLOGY

Detailed explanation-1: -Resource scarcity occurs when demand for a natural resource is greater than the available supply – leading to a decline in the stock of available resources.

Detailed explanation-2: -Lesson Summary Scarcity and shortage are two fundamental concepts. Scarcity refers to the existence of limited resources that are not enough to address unlimited human needs or demands. On the other hand, shortage refers to an occurrence whereby the order in the market outdoes the supply available at a given time.

Detailed explanation-3: -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.