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What do you mean by scarcity of resources? - Economic Applications

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Question

What do you mean by scarcity of resources?

Very Short Answer
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Solution

Scarcity of resources refers to a limitation in the supply of an item in comparison to its demand.

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Chapter 1: Meaning and Definition of Economics - QUESTION BANK [Page 16]

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J. P. Goel and Kaushal Goel Economic Applications [English] Class 9 ICSE
Chapter 1 Meaning and Definition of Economics
QUESTION BANK | Q 8. | Page 16
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