ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The quantity of goods and services a business is willing to sell at a specific price and time.
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The quantity of products or services a supplier is willing to sell across a range of prices.
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When there are not enough goods to meet the demand.
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The quantity of a product or services consumers are willing to buy.
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Detailed explanation-1: -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-2: -A shortage, in economic terms, is a condition where the quantity demanded is greater than the quantity supplied at the market price.
Detailed explanation-3: -What Is the Scarcity Principle? 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-4: -The resources that we value-time, money, labor, tools, land, and raw materials-exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity.
Detailed explanation-5: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.