ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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People are greedy
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There are not enough resources for those who want them
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Resources are too expensive for most people
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Because there is a huge gap between the rich and poor
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Detailed explanation-1: -Individuals and societies are forced to make choices because most resources are scarce. Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions.
Detailed explanation-2: -Scarcity– the fundamental problem facing all societies. It is the condition that results from society not having enough resources to produce all the things that people would like to have.
Detailed explanation-3: -Therefore, scarcity of resources gives rise to the fundamental economic problem of choice. As a society cannot produce enough goods and services to satisfy all the wants of its people, it has to make choices. A decision to produce one good requires a decision to produce less of some other good.