ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Too much of something you wanted
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The exact amount of something you wanted
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Not enough of something you wanted
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None of the above
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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 is a situation where the available resources are limited (not enough) to meet the unlimited needs of people.
Detailed explanation-3: -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-4: -Societies can deal with scarcity by increasing supply. The more goods and services available to all, the less scarcity there will be. Of course, increasing supply comes with limitations, such as production capacity, land available for use, time, and so on. Another way to deal with scarcity is by reducing demand.