The concept of scarcity explains that the demand for a product or service exceeds the supply of that product or service. This is further explained below.
What is the concept of scarcity?
Generally, the concept of scarcity is simply defined as one of the most important notions in economics is scarcity. It signifies that the demand for a product or service exceeds the supply of that product or service.
In conclusion, The idea of scarcity describes when a product's or service's sales exceed its supply.
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