ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Only some people can afford to buy a BMW automobile
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Not everyone in society can achieve the highest possible living standard to which they might aspire
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Miranda has an unlimited supply of Oranges in her magical orchard.
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None of the above
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Detailed explanation-1: -Money, space, time, and energy are not scarce because you don’t have as much of them as you want.
Detailed explanation-2: -Air, water, and sunlight are not the economic resources. This is because these resources are present in abundance which means they are not scarce. The example of economic resources are land, labour, capital. Was this answer helpful?
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