ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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economics
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market economy
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scarcity
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mixed economy
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Detailed explanation-1: -Answer and Explanation: If the wants and needs exceed the resources available, some wants and needs will not be met. This means that scarcity exists.
Detailed explanation-2: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
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: -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.