BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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where you have everything in the world
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when there’s not enough-the difference between wants and needs and available resources
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when you can have however so much of wants you desire
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when you cannot have anything
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Detailed explanation-1: -The resources that we value-time, money, labor, tools, land, and raw materials-exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity.
Detailed explanation-2: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
Detailed explanation-3: -Wants make life more enjoyable, but they are not necessary for survival. Children also need to understand the concept of scarcity, which means they have unlimited wants and limited resources to meet those wants. Scarcity requires people to make choices.
Detailed explanation-4: -It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy. Scarcity is important for understanding how goods and services are valued.
Detailed explanation-5: -Demand-induced scarcity reflecting rising demand. Supply-induced scarcity caused by diminished supply. Structural scarcity attributable to mismanagement or inequality.