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Scarcity creates competition. Why? How have societies in the past allocated resources? Name a few

  1. Scarcity creates competition. Why?
  2. How have societies in the past allocated resources? Name a few
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Answer #1

Scarcity creates competition because when resources are scarce, it creates a situation where innovation and competition and necessary to develop ways to produce and allocate resources as efficiently as possible. Without competition, there would be no innovation and without innovation, the scarce resources would get exhausted. Hence, scarcity leads to competition. In the past, resource allocation was done through the price system, where free forces of demand and supply determined market prices which in turn allocated resources to those who value it accordingly.another way was through government provision of goods based on income levels.

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