0
If a good is available to everyone in unlimited quantities at zero cost and effort, like the air we breathe, it is abundant. Everything else is considered scarce.
Anything that can be traded or bartered is scarce by definition, scarcity is what gives a good economic value. The only scenario in which a good is not scarce is when nobody wants more of it even when they can have it for free.
Wiki User
∙ 14y ago
Wiki User
∙ 9y agoWhen economists state that a good is scarce it means that it is not free, and easy to get in unlimited quantities. Scarce goods are things that must be bought or bartered for.
Add your answer:
Earn +20 pts
What does it mean when an economist says a consumer has demand for a good or service?
false
What does the word speculations mean to an economist?
Speculation to an economist means making high-risk investments with borrowed money
When economist says that money serves as a medium of exchange they mean that it is?
They mean that it serves as a way of exchange commodities.
What does it mean when an economist says that currency has become stronger?
The currency can be exchanged for more of a foreign currency.
What does ceteris paribus mean to an economist in reference to a condtion that almost never happens?
all things being equal
What does it mean when an economist says a consumer has demand for a good or service?
false
What is a good sentence for scarce?
If you mean a definition then 'something that is in limited supply' (:
Is Hematite rare or scarce?
Rare and scarce mean the same thing.
What does speculation mean to economist?
Speculation to an economist means making high-risk investments with borrowed money
What does the word speculations mean to an economist?
Speculation to an economist means making high-risk investments with borrowed money
Can you give me a sentence with the word scarce?
Scarcity can mean an insufficient supply or rarity. An example sentence would be: The Earth is developing a bit of a scarcity of water.
When economist says that money serves as a medium of exchange they mean that it is?
They mean that it serves as a way of exchange commodities.
Is Mexico a good state?
You mean New Mexico state or the country of Mexico?
What does it mean when an economist says that currency has become stronger?
The currency can be exchanged for more of a foreign currency.
What does Scarce as hens teeth mean?
well, i found out that scarce means a lot less and hens have no teeth sooooo it sorta means less than nothing so it would also mean highly unlikely
What is meant by being in a good state of health?
One of the synonyms of the word 'state' is 'condition'. So, if we replace the word state with condition, we would have 'a good condition of health'. A 'good condition of health' would mean someone or something is healthy. If I were to say that you were in a 'good state of health', it would mean you are healthy. That's a good thing!
What state is Bournemouth in?
Bournemouth is in the County of Dorset If you mean condition, it is in a very good state
