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Scarcity of Resources

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What determines whether or not a resource is scarce? In economics, what is the significance of the concept scarcity?

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The solution discusses the concept of scarcity of resources in economics. Explanations on how a resource would be considered scarce are provided.

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What determines whether or not a resource is scarce?

A resource is said to be scarce when its demand is more than its supply. If the resource is available in abundance then it is not considered to be scarce. In real world situation, needs and wants are unlimited but there are ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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