Scarcity typically induces needs and wants for people.
Scarcity is a situation where there is not enough to satisfy everyone's wants.
Everyone is impacted by the problem of scarcity at some point in their lives. Some people face water scarcity for example.
Mixed economy
bob
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.
Scarcity is a situation where there is not enough to satisfy everyone's wants.
everyone as a consumer affects the economy on what they spent and how they spent
everyone as a consumer affects the economy on what they spent and how they spent
rarely affects the system of supply and demand
rarely affects the system of supply and demand A+
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.
Everyone is impacted by the problem of scarcity at some point in their lives. Some people face water scarcity for example.
Mixed economy
Global water scarcity is that the world doesn't have enuff water to supply everyone on the planet.
bob
Economically speaking its scarcity
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.