ECONOMICS
SCARCITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
time for recreation
|
|
|
clean air
|
|
|
information
|
|
|
all of the above
|
Detailed explanation-1: -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-2: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
Detailed explanation-3: -Natural resources like gold, oil, silver and other fossil fuels are naturally rare. When demand exceeds the supply, these resources become scarce and prices can go up. Other commodities, like diamonds, command a high price because of their limited availability and control of their market.
Detailed explanation-4: -Land – a shortage of fertile land for populations to grow food. Water scarcity – Global warming and changing weather, has caused some parts of the world to become drier and rivers to dry up. Labour shortages. Health care shortages. Seasonal shortages. Fixed supply of roads. 25-Jun-2019