CBSE Class 11-commerce Answered
Explain how scarcity is the undercurrent of economics
Asked by agnesraltevanlalruati | 30 May, 2019, 06:05: PM
Expert Answer
Human wants are unlimited but the means or resources to satisfy those wants are limited. With the available resources, all human wants cannot be satisfied. This gives rise to the problem of scarcity.
Economics is concerned with the allocation of scarce resources for the satisfaction of unlimited wants of humans under the conditions of scarcity.
Scarcity is a universal problem and is faced by all economies. Thus one of the main reasons for studying economics is Scarcity and how resources can be optimally utilised to satisfy the wants of people. Thus we can say that scarcity is the undercurrent of economics.
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