Learning Contents:                                                              ·          Understanding Scarcity of Resources. ·          Understanding Economics.                                                                                                                                         Scarcity:    Scarcity means shortage or we can say that anything which is limited or short in supply.               Resource: Something   that  is  available   for   use  or  that   can  be  used   for   support  or  help. It can be the stock of money, materials, tools, physical assets, labor, land, etc. Resources are not only scarce but have alternative uses as well. Scarcity of Resources: scarcity is a very basic fact of life. There will be no need of understanding the concept of scarcity if we are supplied with unlimited means (resources) but in reality, our needs are always greater than our means (resources). Human wants for goods, services and resources exceed what is