There would be no need for the study of economics without scarcity. If everything was sufficiently abundant that nobody would ever lack it, you would have no price. read more
Because economics is not merely ‘rooted’ with scarcity, it is all about managing an individual’s or community’s ability to apportion scarce resources so as to create the most utility or usefulness of those same scarce items. read more
Scarcity is the state of unavailability of certain goods in a society. In economics, Scarcity means limitations that imply inadequacy or insufficiency in goods, resources and capacities through which desired goals are achieved. read more