ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Entrepreneurs are scarce and companies need leaders.
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Some people are poor while others are wealthy.
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Wants are limited but needs are unlimited.
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Detailed explanation-1: -Why is there scarcity even in an affluent country like the United States? Wants are limited but needs are unlimited. Some people are poor while others are wealthy. Resources are limited but wants are unlimited.
Detailed explanation-2: -Since human wants are unlimited, and resources used to satisfy those wants are limited-there is scarcity. Even in the US, one of the richest countries in the world, there is scarcity–if we use our new definition of SCARCITY.
Detailed explanation-3: -Scarcity exists because we have limited resources and unlimited wants. No society has ever had enough resources to produce all the goods and services its members wanted. Because of scarcity, all decisions involve costs.
Detailed explanation-4: -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.