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What is Scarcity and Choice?
scarcity is a situation when demand for a good exceeds its supply even at a zero price and choice is a consequence of scarcity. choice emerges when limited resources are to be used for satisfaction of unlimited wants.
How does scarcity impact economic decisions?
Supply and demand. When the supply is low the price usually goes up.
What happens when demand is greater than demand?
When demand is greater than supply a supply shortage or scarcity arises and prices increase.
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.
What are the two specific resources create scarcity?
supply and demand
What is Scarcity and Choice?
scarcity is a situation when demand for a good exceeds its supply even at a zero price and choice is a consequence of scarcity. choice emerges when limited resources are to be used for satisfaction of unlimited wants.
How does scarcity impact economic decisions?
Supply and demand. When the supply is low the price usually goes up.
What is the causes of scarcity?
Higher demand than supply
When the demand for water is greater than supply what does that area experience?
When demand for water exceeds supply in an area, it can lead to water scarcity. This can result in water rationing, conflicts over water resources, and impact the ecosystem.
What happens when demand is greater than demand?
When demand is greater than supply a supply shortage or scarcity arises and prices increase.
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.
What are the two specific resources create scarcity?
supply and demand
What does not describe scarcity?
rarely affects the system of supply and demand
Which does not describe scarcity?
rarely affects the system of supply and demand A+
Why scarcity is a basic fact of life?
demand will always be greater then supply
Why scarcity is basic fact of life?
demand will always be greater then supply
What happens when supply is greater than demand?
The price declines until demand increases.
