ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Trade-offs
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Opportunity Cost
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Scarcity
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None of the above
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Detailed explanation-1: -Scarcity is one of the key concepts of economics. 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.
Detailed explanation-2: -Scarcity, also known as paucity, is an economics term used to refer to a gap between availability of limited resources and the theoretical needs of people for such resources.
Detailed explanation-3: -Scarcity comes in different shapes and forms. There are four overarching types that you can distinguish: Excess demand, Exclusivity, Urgency, and Rarity.
Detailed explanation-4: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.