ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which term refers to the fact that resources are limited?
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Investment
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Scarcity
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Profit
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Capital
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Explanation:
Detailed explanation-1: -The scarcity principle is an economic theory in which a limited supply of a good-coupled with a high demand for that good-results in a mismatch between the desired supply and demand equilibrium.
Detailed explanation-2: -What is Scarcity? Scarcity, also known as paucity, is an economics term used to refer to a gap between availability of limited resources and the theoretical needs of people for such resources.
Detailed explanation-3: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
Detailed explanation-4: -Scarcity is the idea that there are limited resources or goods available. 1 Anything people desire or can’t obtain easily is considered to be scarce.
There is 1 question to complete.