ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Scarcity
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Free Market Economic
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Traditional-Custom Economic
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Profit
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Detailed explanation-1: -Scarcity describes the condition in which our wants are greater than the resources available to satisfy those wants.
Detailed explanation-2: -Scarcity exists when human wants for goods and services exceed the available supply.
Detailed explanation-3: -Demand-induced scarcity reflecting rising demand. Supply-induced scarcity caused by diminished supply. Structural scarcity attributable to mismanagement or inequality.
Detailed explanation-4: -Absolute scarcity describes resources that are fixed in supply and cannot be increased or decreased, regardless of demand. Their supply is hard-capped due to intrinsic limitations. There is no ability to generate more of an absolutely scarce resource, and there are no true substitutes.
Detailed explanation-5: -Economics is about making choice in presence of scarcity because of the fact that our wants are unlimited and the resources to fulfil them are limited . so we have to make choice between the scarce resources, therefore we can say that the economics is about making choice in scarcity.