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What is the difference between scarcity and a shortage?
A shortage can be temporary or long-term, but scarcity always exists.
Scarcity exists because there is a limited supply of?
Scarcity exists because we have unlimited wants and only a limited supply of resources to produce goods and services that satisfy our wants
Why does scarcity exist?
Scarcity exists because our wants and needs are greater than the resources available to satisfy them
Is scarcity exists in the short run because?
Scarcity exiss in short run because the world's resources are in finite supply.
Why is the idea of scarcity a starting point thinking economically?
Economics seeks to solve the scarcity problem, which exists because resources are limited whereas needs and wants are unlimited.
What is the difference between scarcity and a shortage?
A shortage can be temporary or long-term, but scarcity always exists.
Scarcity exists because there is a limited supply of?
Scarcity exists because we have unlimited wants and only a limited supply of resources to produce goods and services that satisfy our wants
Why does scarcity exist?
Scarcity exists because our wants and needs are greater than the resources available to satisfy them
Is scarcity exists in the short run because?
Scarcity exiss in short run because the world's resources are in finite supply.
Why is the idea of scarcity a starting point thinking economically?
Economics seeks to solve the scarcity problem, which exists because resources are limited whereas needs and wants are unlimited.
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.
The condition that exists wants exceed the available resources?
Scarcity
What kinds of scarcityare there?
Moral, responsible scarcity exists in abundance.
What exists when a society does not have all the resources that everyone wants?
Economically speaking its scarcity
The basic economic condition that exists when unlimited wants exceed limited productive resources is called?
Scarcity
What does the therm scarcity mean in economics?
Under the broadest meaning, scarcity would mean that there are limits to our resources on this planet. A resource or a commodity that exists as a limited quantity would be said to be scarce.
Something that people want will almost always be somewhat scarce no matter how much of it physically exists because?
If there is something that people want, it will almost always be somewhat scare, no matter how much of it physically exists because of high demand. High demand always leads to low supplies.
