USA HISTORY

Detailed explanation-1: -Encyclopedic Entry Vocabulary. 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, also known as paucity, is an economics term used to refer to a gap between availability of limited resources and the theoretical needs of people for such resources.

Detailed explanation-3: -Societies can deal with scarcity by increasing supply. The more goods and services available to all, the less scarcity there will be. Of course, increasing supply comes with limitations, such as production capacity, land available for use, time, and so on. Another way to deal with scarcity is by reducing demand.

Detailed explanation-4: -Answer and Explanation: True. Scarcity means that there is less of a good or resource available than people wish to have. Any product that is limited in supply, then it becomes scarce and, in most cases, it bears a lot of real value.

Detailed explanation-5: -Demand scarcity: When there is a high demand for a resource or product, due to increasing populations or changes in preferences. Supply scarcity: When the supply or resource is low or out, due to weather, disasters or resource depletion.