In short notes, what are scarcity and choice?

Scarcity means 'limited in supply', and is used in reference to RESOURCES. Resources or Factors of Production are scarce relative to the demand for them. read more

Scarcity or relative limitation of supply of resources necessitates CHOICE. Since there are not enough resources to meet produce or meet all ends (or buy everything we need), we must make a Choice at any point in time about what particular need to satisfy. read more

Notes | Commerce Reference Notes on “Scarcity And Choice” For: Management Class 11. Concepts of Scarcity Scarcity refers to the condition of insufficiency where the human beings are incapable to fulfill their wants in sufficient manner. In other words, it is a situation of fewer resources in comparison to unlimited human wants. read more

Scarcity means we all have to make choices Because of scarcity, choices have to be made by consumers, businesses and governments. For example, over six million people travel into London each day and they make choices about when to travel, whether to use the bus, the tube, to walk or cycle – or whether to work from home. read more