Scarcity is a basic economic problem which is faced by every society due to the fact that the wants if economic agents such as individuals, firms or the government is unlimited.
- Scarcity simply means when a particular thing is in short supply. Scarcity exists due to the fact that our wants are unlimited and there are limited resources to meet such wants.
- In the map above, it can be noted that only Japan has mineral resources while the other countries do not. Also, the scarcity that the United States faces are skilled labor and water.
In conclusion, if a country has some resources but they're not efficiently managed, it'll still bring about scarcity.
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There was more interest and curiosity with led to discovery.
The balance of trade will improve.
I hope this helps you :)
Harriet Tubman died in1930
