Scarcity
definition (Modern definition)
According to Lionel Robbins “Economics is a science which
studies human behavior as a relationship between ends and scarce means which
have alternative uses”.
Here, ‘Ends’ means human wants.
Scarce’ means limited availability of resources.
‘Means’ means resources to satisfy human wants.
‘Alternative uses’ means some resources can be used for various purposes and
activities.
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