ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All resources are scarce but some are more scarce than others
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Scarcity will go away if people use their resources to their fullest potential
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Scarcity does not exist in places where people are rich
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Scarcity is not a reason why people have to make economic decisions
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Detailed explanation-1: -Scarcity is a situation where the available resources are limited (not enough) to meet the unlimited needs of people.
Detailed explanation-2: -Answer and Explanation: The statement, “Scarcity is defined as the situation that exists when the quantity demanded for a good is greater than the quantity supplied, ” is False.
Detailed explanation-3: -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-4: -Answer and Explanation: True. Scarcity means that there is less of a good or resource available than people wish to have. Any product that is limited in supply, then it becomes scarce and, in most cases, it bears a lot of real value.