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Glossary > S > "Scarcity" Definition

Scarcity

The basic economic problem which arises from people having unlimited wants while there are and always will be limited resources. Because of scarcity, various economic decisions must be made to allocate resources efficiently.

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Scarcity - The basic economic problem which arises from people having unlimited wants while there are and always will be limited resources. Because of scarcity, various economic decisions must be made to allocate resources efficiently.

Scarcity : the basic economic problem which arises from people having unlimited wants while there are and always will be limited resources. because of scarcity, various economic decisions must be made to allocate resources efficiently.