Want this question answered?
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
Describe the potential costs of both scarcity and choice.
scarcity is a situation when demand for a good exceeds its supply even at a zero price and choice is a consequence of scarcity. choice emerges when limited resources are to be used for satisfaction of unlimited wants.
cost
cost
These two words can mean the same thing.
These two words can mean the same thing.
scarcity
A shortage can be temporary or long-term, but scarcity always exists.
Scarcity is the amount of limited resources when Choice is the amount of something we want /desire.
Yes, Economics is the study of scarcity and choice.
scarcity