USA HISTORY

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: -Scarcity is so fundamental to economics that scarce goods are also known as economic goods. In economics, scarce goods are those for which demand would exceed supply at a price of zero.

Detailed explanation-3: -Lesson Summary Scarcity and shortage are two fundamental concepts. Scarcity refers to the existence of limited resources that are not enough to address unlimited human needs or demands. On the other hand, shortage refers to an occurrence whereby the order in the market outdoes the supply available at a given time.

Detailed explanation-4: -Resource scarcity occurs when demand for a natural resource is greater than the available supply – leading to a decline in the stock of available resources.

Detailed explanation-5: -The causes of scarcity can be due to a number of different reasons, but there are four primary ones. Poor distribution of resources, personal perspective on resources, a rapid increase in demand, and a rapid decrease in supply are all potential scarcity causes.