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Scarcity is limited resources of land, labor, and capital. When there is scarcity it leads to giving up wants in order to have what is needed. Sometimes giving up needs in trade for another need is required to survive the scarce resources.
Wiki User
∙ 9y ago
Wiki User
∙ 15y agoScarcity means "of limited availability" for instance, during a famine food is 'scarce' i.e. there is a scarcity of food. Thus the opposite of scarcity is 'abundance'.
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What is a non-economic good?
It is a good that does not have the three economic characteristics of: scarcity;provide utility;and, be transferable.
What is scarcity and how does scarcity influence opportunity cost?
Scarcity is a situation where there is not enough to satisfy everyone's wants.
Whi is scarcity important in economics?
Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.
Need a sentence for scarcity?
There was a scarcity of water in the desert.
What is scarcity in an economic sense?
scarcity is the problem in all societies. Scarcity is limited resources to satisfy human wants.
What is a non-economic good?
It is a good that does not have the three economic characteristics of: scarcity;provide utility;and, be transferable.
What two characteristics of early animals explain the scarcity of animal fossils older than the Cambrian Period?
The lorax ;)
What is the antonym for scarcity?
Examples of antonyms for the noun 'scarcity' are:glutabundanceexcesssurplussufficiencyenough
What is scarcity and how does scarcity influence opportunity cost?
Scarcity is a situation where there is not enough to satisfy everyone's wants.
What does scarcity means?
scarcity is the condition of being scarce or less. Usually associated with a certain quantity. Like scarcity of water in a desert. Scarcity of rain in a region
Whi is scarcity important in economics?
Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.
Need a sentence for scarcity?
There was a scarcity of water in the desert.
What is scarcity in an economic sense?
scarcity is the problem in all societies. Scarcity is limited resources to satisfy human wants.
What is the word for not enough to meet demand.?
shortage scarcity
What is a sentence for the word scarcity?
The scarcity of the books in the library shocked me.
What is firewood scarcity?
A firewood scarcity is when the demand of firewood is greater than the supply. The cause of firewood scarcity is from the result of deforestation.
Why is the concept of scarcity important in rich countries as well as poor ones?
Scarcity = limited resources of the earth. Developed countries have better technology and organization to deal with scarcity, but scarcity is still there
