ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Creating more resources
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Doing without something
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Making better use of our resources
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Expanding time
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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: -Answer and Explanation: 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: -A second way for a society to handle scarcity is to reduce its wants. If we just didn’t want so much then there would be less scarcity. For example we know that gasoline is scarce.
Detailed explanation-4: -A day has an absolute scarcity of time, as you cannot add more than 24 hours to its supply. Those without access to clean water experience a scarcity of water. An avian flu wipes out millions of chickens, creating a scarcity of eggs.