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A person wants an endless supply of everything but cannot have it.
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∙ 11y ago
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Difference between scarcity and shortage?
There seems to be no difference between these words in modern times. Historically a scarcity referred to an amount that was restricted in quantity. A shortage was something that was less than the original required amount. Or less than the scarcity
What happens when supply is greater than demand?
The price declines until demand increases.
What happens when demand is greater than demand?
When demand is greater than supply a supply shortage or scarcity arises and prices increase.
What is land shortage?
Land scarcity is what happens when the demand for land is higher than the supply due to population growth.
Which does not describe a market economy?
The problems of scarcity and allocation of resorce are addressed by production for use or need rather than production for profit A+
Is an example of scarcity rather than shortage?
A person wants an endless supply of everything but cannot have it.
Difference between scarcity and shortage?
There seems to be no difference between these words in modern times. Historically a scarcity referred to an amount that was restricted in quantity. A shortage was something that was less than the original required amount. Or less than the scarcity
What happens when supply is greater than demand?
The price declines until demand increases.
What happens when demand is greater than demand?
When demand is greater than supply a supply shortage or scarcity arises and prices increase.
What is land shortage?
Land scarcity is what happens when the demand for land is higher than the supply due to population growth.
Which does not describe a market economy?
The problems of scarcity and allocation of resorce are addressed by production for use or need rather than production for profit A+
The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit.?
Socialism (A+)
How is scarcity different from shortage?
Scarcity refers to the fact that for any resource, there's a finite number of whatever it is relative to the aggregate wants and desires of society as a whole.Shortages refers to a situation in which the price of something is made to be artificially low, so the amount demanded is much greater than the amount supplied.
What statement does not describe a market economy?
The problems of scarcity and allocation of resources are addressed by production for use or need rather than productio for profit.
What describes The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
Socialism
Give an example where corrosion is an advantage rather than a disadvantage?
Aluminium oxide is an example of corrosion of advantage rather than disvantage
Give an example where corrosion is an advantage rather than a disadvantage.?
Aluminium oxide is an example of corrosion of advantage rather than disvantage
