The term scarcity means human wants are unlimited and society has limited resources to fulfill these wants, so we have to find a way where we can utilize the resources in an optimum way.
Scarcity means that the society has a limited amount of resources, Scarcity is one of the key economic concepts.
It means that the demand for goods or services is greater than the availability of goods or services.
Therefore, Scarcity can limit the options available to consumers who ultimately build the economy.
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https://brainly.com/question/3081250