Scarcity of economic resources will affect an ordinary person, as he will not be able to manage the economics of the household, and will have to look for models that are sustainable and consume lesser economic resources.
The economic resources can be referred to or considered as such resources that enable a person to utilize their assets such as money and other goods of monetary value to fulfill their necessities of ordinary life.
In case there is a scarcity of such economic resources, then it will become utmost difficult for a person to survive while not compromising on the standard of living that he or she enjoys otherwise.
Therefore, the significance regarding the scarcity of economic resources has been aforementioned.
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