ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Time
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Money
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Food
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Oil
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Detailed explanation-1: -The persistent increase in oil prices over the past decade suggests that global oil markets have entered a period of increased scarcity. Given the expected rapid growth in oil demand in emerging market economies and a downshift in the trend growth of oil supply, a return to abundance is unlikely in the near term.
Detailed explanation-2: -Natural resources like gold, oil, silver and other fossil fuels are naturally rare. When demand exceeds the supply, these resources become scarce and prices can go up. Other commodities, like diamonds, command a high price because of their limited availability and control of their market.
Detailed explanation-3: -It’s time to wrap things up, but before we go, always remember that the four factors of production-land, labor, capital, and entrepreneurship-are scarce resources that form the building blocks of the economy.
Detailed explanation-4: -Land – a shortage of fertile land for populations to grow food. Water scarcity – Global warming and changing weather, has caused some parts of the world to become drier and rivers to dry up. Labour shortages. Health care shortages. Seasonal shortages. Fixed supply of roads. 25-Jun-2019