GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is one of the most important principles of economics?
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globalization
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distribution
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money
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scarcity
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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: -The Basic Problem-Scarcity Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. Therefore, we have to choose. We have to make trade-offs.
Detailed explanation-3: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
There is 1 question to complete.