ECONOMICS (CBSE/UGC NET)

ECONOMICS

SCARCITY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Scarcity affects ____
A
The rich, but not the poor
B
The poor, but not the rich
C
Everyone involved in the economy. Individuals, individuals, and the government
D
None of the above
Explanation: 

Detailed explanation-1: -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-2: -Scarcity affects everyone because resources are limited. Even wealth societies (and people) are limited in time, land, capital, and labor. Every society must decide what to produce, how to produce it, and who will get it. These are basic questions that every society must face.

Detailed explanation-3: -Scarcity affects society in every way. First and foremost, scarcity affects the way that individuals make choices. Time and money are two examples of scarce resources that we make choices with every day.

There is 1 question to complete.