Scarcity in economics - definition

The basic economic problem is one rooted in both the natural world and in human greedinfo-icon. We live in a world of limited resourcesinfo-icon, but we seem to have unlimited wantsinfo-icon. This resultsinfo-icon in scarcityinfo-icon, which gives rise to the very field of Economics, which deals with how to allocate scarce resources between the competing wants and needs of society.

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