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Scarcity typically induces needs and wants for people.

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10y ago

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What is scarcity and how does scarcity influence opportunity cost?

Scarcity is a situation where there is not enough to satisfy everyone's wants.


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Explain how the decisions you make as a consumer influence the economy.?

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What does not describe scarcity?

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Which does not describe scarcity?

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How scarcity affects a city manager?

Scarcity means that there are not enough supplies to fill the demand. Therefore, scarcity means that a city manager does not have enough supplies to fill the demand.


Who is impacted by the problem of scarcity?

Everyone is impacted by the problem of scarcity at some point in their lives. Some people face water scarcity for example.


What is an example to explain the concept of scarcity?

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What is global water scarcity?

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Explain how scarcity requires individuals and nations to make decisions about resources?

bob


What exists when a society does not have all the resources that everyone wants?

Economically speaking its scarcity


What effect does scarcity have on the choices people and countries make?

Before getting to the affects, lets see what Scarcity and Opportunity Cost means. In simplest term scarcity means limited/less resources to fulfill the requirements of people. On the other hand Opportunity cost means next best alternative foregone. There are limited resources and the needs and wants of people are very high. Due to limited resources there is scarcity and opportunity cost takes place because everyone's wants and needs cannot be full filled. This leads to using best alternatives to serve the needs. Now these affects can both be positive (helpful in fulfilling needs) or negative, depending on the decisions and alternatives opted.