DEVELOPMENT IN MIDDLE EAST
DEMOCRATIC REFORMS IN MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To have a lot of something.
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In short supply
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To have nothing.
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None of the above
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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: -a situation in which something is not easy to find or get: the scarcity of skilled workers. Opposites. abundance formal. plenty.
Detailed explanation-3: -Scarcity:-Scarcity refers to the limitation of the supply of a commodity in relation to the demand for such a commodity. In such a situation, where the wants exceed the available resources, the society does not have enough resources to satisfy all the wants of its people.
Detailed explanation-4: -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-5: -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.