ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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19%
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40%
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85%
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100%
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Detailed explanation-1: -Answer and Explanation: Approximately what percentage of the world’s economies experience scarcity? The correct answer is d) 100%. This is a fact for every country or economy in the world.
Detailed explanation-2: -There are three chief causes of scarcity in the economy: Demand scarcity: When there is a high demand for a resource or product, due to increasing populations or changes in preferences. Supply scarcity: When the supply or resource is low or out, due to weather, disasters or resource depletion.
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: -A “shortage occurs” when producers will not or cannot offer goods or services. Shortages can be temporary or long term. “Scarcity” always exists because our needs and wants are always greater than our resource supply.