When economists speak of scarcity, they are referring to the

…the situation whereby the products that the society need are in less supply. when the demand for essential commodities is higher than the production of them, then there is scarcity. there are situations whereby unnecessary or frivolous products are in supply, there might be scarcity, scarcity of essential products.

there might be situations where the products or goods, or services are limited. in this situation, the available resources cannot satisfy the people.

In a situation where society does not put all its resources to good use, there may be scarcity. A situation where there is mismanagement and resources are either neglected or wasted can also lead to scarcity.

scarcity may be common in most poor countries where they lack the required means of harnessing the natural and other resources for the betterment of the people. Scarcity can also arise from the neglect or inadequate use of human resources.

Economics

4 years ago

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