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What do you mean by scarcity of wealth? - Economics

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Question

What do you mean by scarcity of wealth?

Very Short Answer
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Solution

Scarcity of wealth means the limited supply of a commodity compared to its demand. It implies resources or goods are not enough to satisfy all wants fully .

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Chapter 1: Introduction to Economics - QUESTION BANK [Page 14]

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J. P. Goel and Kaushal Goel Economics [English] Class 9 ICSE
Chapter 1 Introduction to Economics
QUESTION BANK | Q 7. | Page 14
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