ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There are 5 toys and 25 children. This is an example of ____
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consumer
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scarcity
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bartering
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playing
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Explanation:
Detailed explanation-1: -Things that are scarce, like gold, diamonds, or certain kinds of knowledge, are more valuable for being scarce because sellers of these goods and services can set higher prices.
Detailed explanation-2: -Scarcity is a measure of supply. If strawberries are scarce, then the supply of strawberries is low. And if many people want to buy strawberries when none are available, then demand is high because of a low supply caused by scarcity.
Detailed explanation-3: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
Detailed explanation-4: -Money, space, time, and energy are not scarce because you don’t have as much of them as you want.
There is 1 question to complete.