ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The quantity of goods and services a business is willing to sell at a specific price and time.
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The quantity of products or services a supplier is willing to sell across a range of prices.
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When there are not enough goods to meet the demand.
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The quantity of a product or services consumers are willing to buy.
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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 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: -Scarcity refers to a limited supply of goods. That scarcity can then lead to high demand from consumers. According to the scarcity principle, the price of an item in low supply and high demand will steadily rise to meet the consumers’ expected demand.
Detailed explanation-5: -Scarcity refers to the existence of limited resources that are not enough to address unlimited human needs or demands. On the other hand, shortage refers to an occurrence whereby the order in the market outdoes the supply available at a given time.