ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which statement explains the reason for scarcity?
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Problems arise in getting products from producers to consumers
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Population always grows faster than production
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People’s wants exceed the resources available
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Governments buy too many goods and services. leaving little for consumers
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Explanation:
Detailed explanation-1: -Which statement explains the reason for scarcity? People’s wants exceed the resources available.
Detailed explanation-2: -Demand-induced scarcity reflecting rising demand. Supply-induced scarcity caused by diminished supply. Structural scarcity attributable to mismanagement or inequality.
Detailed explanation-3: -Since resources are limited, people must make choices related to goods and services. Scarcity is the condition of not being able to have all of the goods and services one wants because wants exceed what can be made from all available resources at any given time.
Detailed explanation-4: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
There is 1 question to complete.