Scarcity, Resources, and the economy are the three key terms used while defining economics.
Scarcity means lack of availability. It refers to a situation when Resources are not enough to satisfy all the wants of the people. It is a universal problem. That is every individual, organisation, and economy faces the problem of scarcity.’
Resources means to those goods and services which are used to produce other goods and services. These are classified in to natural resources, man-made resources and organisation.
Economy: An economy is a system which provides people the means to work and earn their livelihood.
