Choice is a situation where there are limited resources to satisfy numerous wants
scarcity
Scarcity is the result of limited resources being available to satisfy the wants and needs of citizens. It is important for people to buy and store resources in bulk to prevent scarcity.
J Baptiste Arab Money
The laws of supply and demand that result from 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.
scarcity
Scarcity is the result of limited resources being available to satisfy the wants and needs of citizens. It is important for people to buy and store resources in bulk to prevent scarcity.
J Baptiste Arab Money
The laws of supply and demand that result from 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.
Scarcity is our limited resources but unlimited wants. Our resources are limited by the 4 factors of production - land, labour, capital and enterprise. The problem of scarcity is that our wants are always beyond what we can produce with our resources.
Scarcity of goods and sevices will drive the related prices up and result in increased demand.
When the Supply of resources does not match or exceed the Demand, Prices rise. In the long run, either the Supply must increase, or Demand decreased in order to maintain Economic Balance without runaway Inflation.
Competition
Scarcity: the inability of economic actors to satisfy their wants and need to make trade-offs to achieve their optimal outcome. Opportunity cost: the highest-valued alternative action forgone as the result of taking an action. Link: scarcity implies all wants cannot be met. To meet our wants, we make trade-offs. Trade-offs involve opportunity costs because we must sacrifice alternatives outcomes for the rational (optimal outcome). Therefore, opportunity costs are the price we pay to trade-off in the condition of scarcity.
starvation
Scarcity is the result of having too little of a product to meet the demand for it.