ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An unlimited amount of resources to meet limited wants and needs
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when society doesn’t have enough resources to produce all things we need/want
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When people use time and energy to create events
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a city where individuals commit themselves to unlimited wants and needs
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Detailed explanation-1: -In general, scarcity refers to the idea that resources are limited, but our wants and needs are unlimited. Scarcity is the concept that resources are only available in limited supply, whereas society’s demand for those resources is unlimited.
Detailed explanation-2: -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-3: -Understanding Scarcity In his 1932 Essay on the Nature and Significance of Economic Science, British economist Lionel Robbins defined the discipline in terms of scarcity: Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
Detailed explanation-4: -What Is the Scarcity Principle? The scarcity principle is an economic theory in which a limited supply of a good-coupled with a high demand for that good-results in a mismatch between the desired supply and demand equilibrium.
Detailed explanation-5: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.