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What is scarcity how does it affect the way people make ecomomic choices?
Scarcity is the limited availability of a resource. It affects the way people make economics choices by increasing the price and likely the demand of the resource.
What does the therm scarcity mean in economics?
Under the broadest meaning, scarcity would mean that there are limits to our resources on this planet. A resource or a commodity that exists as a limited quantity would be said to be scarce.
How does the existence of scarcity give rise to the concepts of opportunity cost?
Due to scarcity of income and resource one has to forgo a certain wants for the demand of others which maybe essential hence leaving those wants unsatisfied to satisfy others
What do you understand by basic economic problem?
The basic economic problem is scarcity of resources which is caused by the existence of alternative uses of resources
What are the major problems in karnataka?
Regional Imalance - skewed development in southern karnatakaWater scarcity - both drinking water and water for agriculturePower scarcityImproper resource management
What is economic resource difficulty?
The main economic resource of difficulty is scarcity of resources.
The availability of a particular resource is know as?
C: Scarcity
The availability of a particular resource is known as?
scarcity-nova net
What is scarcity how does it affect the way people make ecomomic choices?
Scarcity is the limited availability of a resource. It affects the way people make economics choices by increasing the price and likely the demand of the resource.
Scarcity of resource and a growing population are most likely to result in?
Competition
Concept of scarcity?
Scarcity is the economic issue of unlimited wants of very limited resources or products. Sometimes a highly desired resource or product simply can not be produced. This causes a state of scarcity.
The origin of economic lies in endless human wants and scarcity of resource?
the original of economics lies in endless human want and scarcity of resources elabolate
What terms describes the condition that there are not enough resource to meet all needs and wants?
true
What does the therm scarcity mean in economics?
Under the broadest meaning, scarcity would mean that there are limits to our resources on this planet. A resource or a commodity that exists as a limited quantity would be said to be scarce.
Which term is used to describe a situation where most consumers are forced to make decisions based on limited resource?
scarcity
How can exponential growth happen?
There has to be no constraints on growth due to resource scarcity (not enough food, water, space) or predators.
How does the existence of scarcity give rise to the concepts of opportunity cost?
Due to scarcity of income and resource one has to forgo a certain wants for the demand of others which maybe essential hence leaving those wants unsatisfied to satisfy others
