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Yes. Something that is currently in fashion at a given time can become very costly as a status symbol, even if it isn't rare.
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∙ 15y ago
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What do economist mean when they state that a good is scarce?
If a good is available to everyone in unlimited quantities at zero cost and effort, like the air we breathe, it is abundant. Everything else is considered scarce.Anything that can be traded or bartered is scarce by definition, scarcity is what gives a good economic value. The only scenario in which a good is not scarce is when nobody wants more of it even when they can have it for free.
Why is land a scarce resource?
The amount of land available cannot satisfy the needs and wants of everyone. this is because population increases yet land stays the same. therefore it is scarce.
If the price of a good is zero is it a scarce good?
No. The more rare a good, and the more demand, the higher the price will be.
For society a good is not scarce if what?
(C) all members of society can have al they want of the good if the good's if the good's price was zero
When is a good considered scarce in a society?
When is a good considered scarce in a society? A. when more output of the good is possibleB. when everyone in that society cannot have all they want of the goodC. when the government restricts production of the goodD. when only the richest people in the economy can buy all they want of the good
What is a good example sentence with the word scarce in it?
Water is scarce in the desert
What is the most costly and scarce correctional resource?
The most costly and scarce correctional resource is typically adequate and qualified staff, including correctional officers, healthcare professionals, and counselors. Hiring and retaining skilled personnel in the correctional system can be challenging due to the demanding nature of the work, leading to high turnover rates and increased costs associated with recruitment and training.
Why is resources scarce?
The amount of land available cannot satisfy the needs and wants of everyone. this is because population increases yet land stays the same. therefore it is scarce.
If a good or service has high demsnd and a scarce supply the price is likely what?
a scarce supply of th price is what
What do economist mean when they state that a good is scarce?
If a good is available to everyone in unlimited quantities at zero cost and effort, like the air we breathe, it is abundant. Everything else is considered scarce.Anything that can be traded or bartered is scarce by definition, scarcity is what gives a good economic value. The only scenario in which a good is not scarce is when nobody wants more of it even when they can have it for free.
Why is land a scarce resource?
The amount of land available cannot satisfy the needs and wants of everyone. this is because population increases yet land stays the same. therefore it is scarce.
WHY LAND IS SCARCE RESOURCE?
The amount of land available cannot satisfy the needs and wants of everyone. this is because population increases yet land stays the same. therefore it is scarce.
Did pioneers have watches?
No, because watches weren't invented yet. yes they did they were just very scarce
Why is platinum so costly?
it is a good game
If the price of a good is zero is it a scarce good?
No. The more rare a good, and the more demand, the higher the price will be.
For society a good is not scarce if what?
(C) all members of society can have al they want of the good if the good's if the good's price was zero
What is a good sentence for scarce?
If you mean a definition then 'something that is in limited supply' (:
