Scarcity is one of the most important elements in economics.It forms the core of the economic problem.By definition,scarcity means the inability of human beings to provide themselves with all the things they desire or want,and basic to this problem is that these material wants are unlimited,while the means or resources to satisfy them are scarce. Hence we have to economize on our resources and choose between competing alternatives. There would be no economic problem if resources were not scarce. Some people,therefore,define economics as the study of scarcity.


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