Scarcity Definiton: Scarcity refers to the limitation of supply in relation to demand for a commodity It refers to the situation, when wants exceed the available resources.As a result, goods are not readily available and society does not have enough resources to satisfy all wants of its people. Scarcity in universal, i.e every individual, organisation and economy faces scarcity of resources.Scarcity of resources calls for economising of resources . Economizing of economic of resources refers to making optimum use if the available resources. Now if we take global situations like the current USA-gulf wars or the Russian-Ukraine war it is visible how the scarcity affected the goods, prices, gdp growth and other such things. Lets take the current situation , we know that theres scarcity of products of everyday uses to energy needs.Energy sector had a major hit and problem with the war in the first few weeks of war as the countries and MNcs couldn’t tackle the sudden price rise and trade is...