What is economic scarcity?
I don't study Economics at A-level and was thinking about using this term for my personal statement. Is it something to do with an infinite need from an economy which has limited resources? Thanks
lack of resources, not enough to meet the human needs and wants
Posted from TSR Mobile
Posted from TSR Mobile
Original post by akbar0123
Yes it's when demand outstrips supply. So there is not enough of a good for everyone who wants it.
Original post by ksj.11
lack of resources, not enough to meet the human needs and wantsPosted from TSR Mobile
So could I refer to on how, for example, a rich country cannot cater for the poor due to economic scarcity?
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