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Explain how scarcity affects everyone?
Scarcity typically induces needs and wants for people.
Why is scarcity a problem?
scarcity is the problem of infinite human needs and wants in a world of finite resources.
What occurs when there when there are limited resources but unlimited wants and needs?
Scarcity
Why does scarcity exist?
Scarcity exists because our wants and needs are greater than the resources available to satisfy them
What are different factors that can influence the needs and wants of people?
. Age, gender, occupation are the main factors which influence our needs and wants. Socio-economic status would also affect a persons wants.
Explain how scarcity affects everyone?
Scarcity typically induces needs and wants for people.
Why is scarcity a problem?
scarcity is the problem of infinite human needs and wants in a world of finite resources.
What occurs when there when there are limited resources but unlimited wants and needs?
Scarcity
Why does scarcity exist?
Scarcity exists because our wants and needs are greater than the resources available to satisfy them
What are different factors that can influence the needs and wants of people?
. Age, gender, occupation are the main factors which influence our needs and wants. Socio-economic status would also affect a persons wants.
Is it true scarcity exists because there are limited resources to meet unlimited wants and needs?
Scarcity is the result of limited resources being available to satisfy the wants and needs of citizens. It is important for people to buy and store resources in bulk to prevent scarcity.
Why does scarcity matter?
because scarcity is the fundemental economic problem of having seemingly unlimited human needs and wants.
What are the concepts of decision making?
Choices, scarcity, availability, wants, needs, cost,
When consumers needs and wants are greater than the resources available to satisfy them?
Scarcity.
What requires that people's needs and wants be balanced against limited resources?
scarcity
Scarcity always exists because?
Our needs and wants are not limited but our resources are limited.
What made a scarcity?
A scarcity is created when people have unlimited wants, or needs, but their resources are limited. When scarcity happens, many economic decisions must be made to efficiently allocate resources.
