ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Scarcity
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Shortage
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Either A or B
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None of the above
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Detailed explanation-1: -Scarcity | Economics-Quizizz.
Detailed explanation-2: -Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.
Detailed explanation-3: -There is always scarcity, because human wants are unlimited. This then brings use to a third important idea: Because of scarcity we MUST MAKE CHOICES. Some economists call this the “economizing problem". We can’t have everything that we want so we have to choose.
Detailed explanation-4: -Scarcity refers to a gap between limited resources and theoretically limitless wants.
Detailed explanation-5: -Scarcity in economics is a term describing finite resources, or the perception of limited resources, when there is not enough to fulfill human needs and wants.