supply and demand
Economic problem in essence is the problem of scarcity of resources in comparison with human wants. In everyday life, we encounter many economic problems, poverty, unemployment, inflation etc, but if we start analyzing them, we will find that every problem has it's roots in the fundamental problem of scarcity of resources. Scarcity forces choices in consumption and production of goods. Scarcity creates conflicts. Scarcity means that not every body is getting everything he wants and there will be losers and winners. Scarcity arises because of two underlying conditions: Physical condition, that is, limited productive resources and a mental condition that is , unlimited wants. Physical limits do not alone-establish scarcity-in an economic sense. It is the human wants which make resources insufficient. Wants are unlimited, people want much more than just necessities. So the bitter fact is economic problem is permanent.
Scarcity and choice is the basic economic problem. New wants and needs lead to constant scarcity of certain products or services, and this leads consumers and businesses alike to have to make choices. An example is the desire for two different services in a business when resources are limited (say, renovate or reupholster). The choice must be made as to which to do to make the most of available resources.
A shortage can be temporary or long-term, but scarcity always exists.
no definitely not, a scarcity is when the is a small amount of a non-renewable substance (water, clean air, food); and a shortage is a small amount of something we can have again soon (PS3's, chairs, paint)
A foreign country begins exporting the product in high volume.
Theoretically, there are two ways to end scarcity on Earth.Limit human wants.'Create' unlimited resources.The first option is practically impossible. Human wants are virtually unlimited and are thus only controllable by controlling humans and their imaginations in general.The second option can be a realistic way to end worldwide scarcity. Possibilities include developing tools that can create unlimited resources, and exploring new planets/worlds.
Differing values (a.k.a. personal worldview) and the scarcity of resources.
Push.....scarcity and saturation Pull.....huge natural resources and fair markets.
Economic problem in essence is the problem of scarcity of resources in comparison with human wants. In everyday life, we encounter many economic problems, poverty, unemployment, inflation etc, but if we start analyzing them, we will find that every problem has it's roots in the fundamental problem of scarcity of resources. Scarcity forces choices in consumption and production of goods. Scarcity creates conflicts. Scarcity means that not every body is getting everything he wants and there will be losers and winners. Scarcity arises because of two underlying conditions: Physical condition, that is, limited productive resources and a mental condition that is , unlimited wants. Physical limits do not alone-establish scarcity-in an economic sense. It is the human wants which make resources insufficient. Wants are unlimited, people want much more than just necessities. So the bitter fact is economic problem is permanent.
Scarcity and choice is the basic economic problem. New wants and needs lead to constant scarcity of certain products or services, and this leads consumers and businesses alike to have to make choices. An example is the desire for two different services in a business when resources are limited (say, renovate or reupholster). The choice must be made as to which to do to make the most of available resources.
Africa and the Middle East are the two continents or regions with the most countries expected to be facing water scarcity by 2024. This is due to factors such as population growth, climate change, limited water resources, and poor water management practices.
A shortage can be temporary or long-term, but scarcity always exists.
Coal and oil. The geologic process that create them cannot keep up with their use.
These two words can mean the same thing.
These two words can mean the same thing.
no definitely not, a scarcity is when the is a small amount of a non-renewable substance (water, clean air, food); and a shortage is a small amount of something we can have again soon (PS3's, chairs, paint)
No, Resources is spelled: resources. Two of the letter S altogether (if that's what you mean).