ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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resources are insufficient to satisfy people’s wants
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resources are limited
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people have wants
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people aren’t willing to share their wealth
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Detailed explanation-1: -Scarcity exists when there is not enough resources to satisfy human wants. One of the most widely known examples of resource scarcity impacting the United States is that of oil. As global oil prices increase, local gas prices inevitably rise.
Detailed explanation-2: -Scarcity exists because we have limited resources and unlimited wants. No society has ever had enough resources to produce all the goods and services its members wanted. Because of scarcity, all decisions involve costs.
Detailed explanation-3: -The goods and services of any country are limited, which can lead to scarcity. Countries have different resources available to produce goods and services. These resources can be workers, government and private company investment, or raw materials (like trees or coal).
Detailed explanation-4: -Since resources are limited, people must make choices related to goods and services. Scarcity is the condition of not being able to have all of the goods and services one wants because wants exceed what can be made from all available resources at any given time.
Detailed explanation-5: -Scarcity exists because people have unlimited wants relative to the availability of resources to satisfy those wants. Even if you are the richest person then also you will face scarcity. Thus no matter how much resources you have, these must be scarce in relation to your wants.