what is scarcity in economics and how to solve the problem of scarcity. the effect of scarcity to government planning. as long as resources are scarce relative to wants or needs it is therefore very important to plan with the little resources available DEFINITION OF SCARCITY Definition: Scarcity is defined as the limited supply of… Continue reading what is scarcity in economics

what are the scope of economics? is economics a science subject? the major part of the study of economics covers business environment in relation to human behavior. what areas of life does the scope of economics cover Economics is also concerned with human behavior, such as how people in the process of buying and selling.… Continue reading what are the scope of economics