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Scarcity defination of economics is the best defination of economics Explain in 100 words |
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Answer» is scarcity?→ The Scarcity with respect to economics, basically scarcity takes place when people started having problems of Unlimited Wants and Needs or always wanting something new, and having Limited Resources.→ Here Limited Resources means that there are never enough resources, or materials, to satisfy, or fulfill, the wants and needs that every person have.★ Some EXAMPLE of scarcity :-● As we know that their was problem of GASOLINE shortage occurred in the 1970's.● Just imagine, A lack of money and funds can lead me to not being able to buy the dream car I want for drive. In order to adjust, we have to either EARN more money or adjust our dream car to afford something more realistic.→ Due to all this Scarcity INCREASES negative emotions, which affect our decisions. This leads to changes, in turn, can impact thought processes and behaviors. The effects of scarcity contribute to the cycle of POVERTY. |
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