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What is Scarcity Definition of economics

What is Scarcity Definition of economics?

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Lionel Robbins said Economics is the science which studies human behaviour as a relationship among ends and scares means which have another use. He stressed on the importance of four fundamental characters of human existence such as:


i) Unlimited wants
ii) Scarcity of means
iii)  Alternate uses of scarce means
iv) The Economic Problem

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