GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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where you have everything in the world
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when there’s not enough-the difference between wants and needs and available resources
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when you can have however so much of wants you desire
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when you cannot have anything
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Detailed explanation-1: -Scarcity is the fundamental economic problem of having unlimited wants and needs, but limited resources to satisfy them. It is the condition in which resources are insufficient to meet the needs and wants of all people.
Detailed explanation-2: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
Detailed explanation-3: -Scarcity refers to an economic challenge whereby the available resources are limited, but what consumer wants are limitless. In society, the resources are there; however, they cannot fully satisfy human wants that are limitless due to their limited nature.
Detailed explanation-4: -Scarcity causes consumers to have to make choices based on the resources they have and the balance between what they need and what they want. Consumers tend to place a higher value on goods that are scarce and harder to access.