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What is a resource that people in the US want is limited and creates scarcity?
Ginger1332
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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 requires that people's needs and wants be balanced against limited resources?
scarcity
Is it true scarcity exists because there are limited resources to meet unlimited wants and needs?
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.
which statement best describes the economic concept of scarcity?
People have unlimited wants and limited resources to fulfill them.
Why are the issues of scarcity and choice the basis of economics?
These two aspects form the basis for elementary supply and demand economics. Scarcity regards the finite nature of goods, services and resources. Choice regards the basis of the free market where both the consumer and merchant come to an equilibrium price. Scarcity creates value, and in-turn both the consumer and merchant come to an agreed price valuing the limited nature of the product sought.
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 requires that people's needs and wants be balanced against limited resources?
scarcity
What made a scarcity?
A scarcity is created when people have unlimited wants, or needs, but their resources are limited. When scarcity happens, many economic decisions must be made to efficiently allocate resources.
Is it true scarcity exists because there are limited resources to meet unlimited wants and needs?
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.
Is scarcity an issue faced by only poor people and poor nations or does the rich and poor alike face scarcity?
The poor face a scarcity of resources more often than the rich because they have more limited resources (most importantly, money). But everyone's resources are technically limited. The rich have more money than the poor, but if they spend it all or lose it all, they also face scarcity. If there is a scarcity of a product or a natural resource, it will affect both the rich and the poor, but as prices rise for resources high in demand, the rich will have more access to them, until there is no more for anyone: both rich and poor.
which statement best describes the economic concept of scarcity?
People have unlimited wants and limited resources to fulfill them.
Why are the issues of scarcity and choice the basis of economics?
These two aspects form the basis for elementary supply and demand economics. Scarcity regards the finite nature of goods, services and resources. Choice regards the basis of the free market where both the consumer and merchant come to an equilibrium price. Scarcity creates value, and in-turn both the consumer and merchant come to an agreed price valuing the limited nature of the product sought.
Which economic principle describes the imbalance between what people want and what can b produced?
The laws of supply and demand that result from scarcity.
Why do economists say that even rich people face scarcity?
The rich experience scarcity because resources are limited in quantity. For example, one cannot employ 200B people because the population is not enough.
Why are some c.d issued in limited editions?
By limiting the number made (the quantity supplied), the scarcity is increased and people will pay more.
What basic economic questions must the nation answer?
Scarcity of resources cause all nations to answer 3 economic questions because people have unlimited wants but limited resources to produce them.
What are examples of scarcities?
An example of scarcity might include gasoline resources in the 1970s. Another example of scarcity could include food sources in certain areas of the world.
