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What else can I help you with?
How is scacity used?
I don't think that 'scacity' is even a word. Dictionary.com does not think it is. Neither does Word or even the wiki.answers.com editor
Does scacity means shortage?
Scarcity means shortage.
What is the most pressing concern for the people and governments of the Middle East?
Water scacity
When there is a scacity in availability of raw material what happens to the consumer price?
The price goes up on materials that become scarce. Some, like gas, go up and down in response to price futures, political or economic policy. The gas can be stored at a low price but you will pay the price determined by the prevailing price at present.
I know that an original GI Joe would be worth a ton of money, but is there any chance that a action figure I buy for my son will be worth something some day?
That depends on certain factors. These factors include scacity of the products, demand for the product, is the product in good shape, and is the product a popular figure that has value? These are simple questions but there are many more. Check with your local comic book store or toy dealer for more information.
Why are scacity and choice basic to the study of economics?
Scarcity and choice are fundamental to economics because they highlight the limited nature of resources relative to unlimited human wants. Scarcity forces individuals and societies to make choices about how to allocate resources effectively, leading to trade-offs. These decisions impact production, consumption, and overall economic efficiency, making them essential for understanding economic behavior and policy. Ultimately, the interplay of scarcity and choice shapes market dynamics and influences economic outcomes.
