ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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plenty
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supply
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demand
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scarcity
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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 is the phenomenon where, when a product or service is limited in availability (or perceived as being limited), it becomes more attractive. This makes sense in a traditional economic way, where less supply and more demand drives up prices. It also makes sense on an intuitive level.
Detailed explanation-3: -Scarcity is so fundamental to economics that scarce goods are also known as economic goods. In economics, scarce goods are those for which demand would exceed supply at a price of zero.
Detailed explanation-4: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.