ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of these is NOT a reason on why we have scarcity?
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All resources are limited
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People are satisfied with what they have
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People want more than our country can produce
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None of the above
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Explanation:
Detailed explanation-1: -Demand-induced scarcity reflecting rising demand. Supply-induced scarcity caused by diminished supply. Structural scarcity attributable to mismanagement or inequality.
Detailed explanation-2: -The goods and services of any country are limited, which can lead to scarcity. Countries have different resources available to produce goods and services. These resources can be workers, government and private company investment, or raw materials (like trees or coal).
Detailed explanation-3: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
There is 1 question to complete.