ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Scarcity is a state of shortage, in which people don’t have enough of an important resource ____ like food.
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Scarcity is when people have been badly beaten up, and so everyone has lots of “scars.” Get it, it’s like “Scar-city”
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According to the principle of scarcity, society ALWAYS has limited resources and so it can never produce all the goods & services people wish to have.
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None of the above
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Detailed explanation-1: -Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.
Detailed explanation-2: -The correct answer is b. Resources are scarce when compared to the demand for them. Scarcity is an economic problem, and it is defined as the gap between the unlimited wants of individuals and limited resources in the economy.
Detailed explanation-3: -Abstract. Almost 80 years ago, Lionel Robbins proposed a highly influential definition of the subject matter of economics: the allocation of scarce means that have alternative ends.
Detailed explanation-4: -Answer and Explanation: The correct option is: c) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. This is the best option when it comes to defining definition.