ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
choice
|
|
|
fluctuation
|
|
|
perceived value
|
|
|
compromise
|
Detailed explanation-1: -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-2: -T.R.I.P.E. Expectations of future price changes.-If consumers expect prices to rise in the future, then demand increases now.
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: -Deadweight loss is. the reduction in economic surplus resulting from a market not being in competitive equilibrium.