GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Having too much of something
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Money a company or an individual can keep, after all expenses have been paid
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There is not enough good or services available for trading
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Physical and mental effort used in creation of goods and services
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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: -Lionel Robbins gave the scarcity definition of economics. According to him, economics is a science that studies human behavior as a relationship between ends and scarce means which have alternative uses.
Detailed explanation-3: -Most goods (and services) are economic goods, i.e. they are scarce. Scarce goods are those for which the demand would be greater than the supply if their price were zero. Because of this shortage, economic goods have a positive price in the market.