ECONOMICS
SCARCITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
The resource has unlimited supply and limited demand
|
|
|
The resource is in demand, but there is no supply of it
|
|
|
There is a fixed quantity of the resource available but no demand for it
|
|
|
There is limited supply of a resource with no demand for that resource
|
|
|
There is a demand for that resource with limited supply
|
Detailed explanation-1: -There is a demand for that resource with limited supply. There is limited supply of a resource with no demand for that resource. There is a fixed quantity of the resource available but no demand for it. The resource is in demand, but there is no supply of it.
Detailed explanation-2: -In economics, scarce goods are those for which demand would exceed supply at a price of zero. 1. Some natural resources that may appear to be free because they are easily and widely accessible eventually prove scarce as they are depleted from overuse in a tragedy of the commons.
Detailed explanation-3: -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-4: -The resources that we value-time, money, labor, tools, land, and raw materials-exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity.
Detailed explanation-5: -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.