ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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inflation
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market value
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scarcity
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social science
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Detailed explanation-1: -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. Scarcity is important for understanding how goods and services are valued.
Detailed explanation-2: -Having limited availability of a resource, such as time, labour, or machine hours means that item becomes a scarce resource.
Detailed explanation-3: -All goods and services are scarce because the resources used to produce them are scarce. There are only so many natural resources available to produce particular goods.
Detailed explanation-4: -Supply scarcity: When the supply or resource is low or out, due to weather, disasters or resource depletion. Structural scarcity: When there is mismanagement or inequality of access to populations, often because of politics or location.
Detailed explanation-5: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.