GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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overproduction of time
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not enough materials
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Poor Distribution of Resources
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Rapid Increase in Demand
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Detailed explanation-1: -Demand-induced scarcity reflecting rising demand. Supply-induced scarcity caused by diminished supply. Structural scarcity attributable to mismanagement or inequality.
Detailed explanation-2: -Scarcity means Less supply than demand. Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants.
Detailed explanation-3: -Things that are scarce, like gold, diamonds, or certain kinds of knowledge, are more valuable for being scarce because sellers of these goods and services can set higher prices.
Detailed explanation-4: -Scarcity exists when there is not enough resources to satisfy human wants. One of the most widely known examples of resource scarcity impacting the United States is that of oil. As global oil prices increase, local gas prices inevitably rise.