ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Government interference
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Farmers harvesting too often
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Resources are limited
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Needs and wants are limited
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Detailed explanation-1: -We don’t want to make just any choice, we want to make the BEST choice. There are three, and only three, options (choices) for society to deal with scarcity, and all societies must deal with scarcity because there are limited resources and unlimited wants.
Detailed explanation-2: -Societies can deal with scarcity by increasing supply. The more goods and services available to all, the less scarcity there will be. Of course, increasing supply comes with limitations, such as production capacity, land available for use, time, and so on. Another way to deal with scarcity is by reducing demand.
Detailed explanation-3: -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-4: -The economic problem of scarcity arises because needs and wants are unlimited and the resources (or means) to fulfil these wants are limited. The statement is indeed true.