1
Question
Multiple choice question:In which of the following situations, does scarcity arise?
In which of the following situations, does scarcity arise?
Open in App
Solution
The correct option is C Supply of resources < Demand for resources
Scarcity of resources
refers to the situation where resources are limited in quantity and have alternative uses
in production of various commodities. So the problem of these scarce resources
is reflected in the aggregate supply of the economy which is also limited owing
to limited source of inputs and unlimited demands as human wants are unlimited.
Scarcity of resources refers to the situation where resources are limited in quantity and have alternative uses in production of various commodities. So the problem of these scarce resources is reflected in the aggregate supply of the economy which is also limited owing to limited source of inputs and unlimited demands as human wants are unlimited.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
