Scarcity encourages the society to take actions that benefit producers rather than consumers.
Scarcity
- Scarcity is referred to as the most basic and important economic problem in the society.
- Scarcity of the resources led to the fundamental economic problem i.e. choice.
Scarcity benefits the producers in a way that the consumers have to pay high prices for the goods because of its high demand due to scarcity.
Thus, scarcity encourages the society to take actions that benefit producers rather than consumers.
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