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They occur whenever we dont have enough resources to produce all the things we like to have.
By : Taylor S Locklear
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∙ 13y ago
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Why does scarcity exist?
Scarcity exists because our wants and needs are greater than the resources available to satisfy them
Would you have to make choices if you had unlimited resources?
unlimited resources would mean that scarcity does not exist. And if scarcity does not exist, then of course, there's no opportunity cost. we can buy anything we want with enough income.
What is the difference between scarcity and a shortage?
A shortage can be temporary or long-term, but scarcity always exists.
Why does scarcity exist in an economy?
*there are not enough resources to produce everything people want*
Why can't opportunity costs exist without scarcity?
because opportunity itself is scarce too
Why does scarcity exist?
Scarcity exists because our wants and needs are greater than the resources available to satisfy them
Would you have to make choices if you had unlimited resources?
unlimited resources would mean that scarcity does not exist. And if scarcity does not exist, then of course, there's no opportunity cost. we can buy anything we want with enough income.
What is the difference between scarcity and a shortage?
A shortage can be temporary or long-term, but scarcity always exists.
Why does scarcity alway exist?
Because there unlimited wants but limited resources.
Define what is meant by scarcity when referring to the economic problem?
Scarcity is our limited resources but unlimited wants.The problem of scarcity is that our wants are always beyond what we can produce with our resources.
Why does scarcity exist in an economy?
*there are not enough resources to produce everything people want*
Why can't opportunity costs exist without scarcity?
because opportunity itself is scarce too
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
Will man kind always exist?
No . . . no species will always exist.
In Economics, what does scarcity mean?
Wants and desires will always exceed the resources available to fulfill them.
What explains why scarcity cannot be eliminated?
No matter how much is produced, people will always want more.
