Scarcity means

1.	Scarcity means
Answer» Less supply than demand Scarcity means Less supply than demand. Scarcity refers to the basic economic problem, the GAP between limited – that is, scarce – resources and THEORETICALLY limitless wants. This situation REQUIRES people to make decisions about how to ALLOCATE resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

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Less supply than demand

Scarcity means Less supply than demand. Scarcity refers to the basic economic problem, the GAP between limited – that is, scarce – resources and THEORETICALLY limitless wants. This situation REQUIRES people to make decisions about how to ALLOCATE resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

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Scarcity means

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