ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Disequilibrium also occurs when demand for a commodity is higher than the supply of that commodity, leading to scarcity and, thus, higher prices for that product.

Detailed explanation-2: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.

Detailed explanation-3: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.

Detailed explanation-4: -Answer and Explanation: Wants and need are directly affected by the scarcity of resources. As the resources get scarce in nature and the alternate of that resource is either not available or has a very high switching cost then, need and wants of that particular resource increase dramatically.

Detailed explanation-5: -It is defined as the limited supply of resources which are used for the satisfaction of unlimited wants. In other words, scarcity is the inability of human beings to provide themselves with all the things they desire or want.