ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Demand-induced scarcity reflecting rising demand. Supply-induced scarcity caused by diminished supply. Structural scarcity attributable to mismanagement or inequality.

Detailed explanation-2: -Money, space, time, and energy are not scarce because you don’t have as much of them as you want.

Detailed explanation-3: -Things that are scarce, like gold, diamonds, or certain kinds of knowledge, are more valuable for being scarce because sellers of these goods and services can set higher prices.

Detailed explanation-4: -Non-scarce objects are something people deal with daily, whether it be trash or items that are in abundance, but have no real value like pens or pencils.