Define scarcity and utility

Economics Dec 12, 2020

Define scarcity and utility.

Expert Solution

Scarcity refers to an economic principle wherein it assumes that everything in this world exists only in limited quantities and people should always make a wise decision in order to maximize the use of this limited quantity of resources. One another hand, Utility in Economics refers to the level of satisfaction obtained by costumers from the consumption of a certain goods or services.

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