ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Labor
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Trees
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Time
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Candy
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Detailed explanation-1: -While most resources and goods are scarce, some are not-for example, the air that we breathe. A resource or good that is not scarce, even when its price is zero, is called a free resource or good.
Detailed explanation-2: -It’s time to wrap things up, but before we go, always remember that the four factors of production-land, labor, capital, and entrepreneurship-are scarce resources that form the building blocks of the economy.
Detailed explanation-3: -You are probably used to thinking of natural resources such as titanium, oil, coal, gold, and diamonds as scarce. In fact, they are sometimes called “scarce resources” just to re-emphasize their limited availability.
Detailed explanation-4: -Money, space, time, and energy are not scarce because you don’t have as much of them as you want.