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- When is a good considered scarce in a society?
A. when more output of the good is possible
B. when everyone in that society cannot have all they want of the good
C. when the government restricts production of the good
D. when only the richest people in the economy can buy all they want of the good
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∙ 12y ago
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For society a good is not scarce if what?
(C) all members of society can have al they want of the good if the good's if the good's price was zero
What do economist mean when they state that a good is scarce?
If a good is available to everyone in unlimited quantities at zero cost and effort, like the air we breathe, it is abundant. Everything else is considered scarce.Anything that can be traded or bartered is scarce by definition, scarcity is what gives a good economic value. The only scenario in which a good is not scarce is when nobody wants more of it even when they can have it for free.
Why is water considered a scarce resource?
Water is considered as a scarce resource as fresh water occupies only 3% of total water found on earth.
What is the study of how society manages its scarce resources?
Economics
Why are resources scarce?
There are unlimited wants for these resources, but there are only a limited amount of resources in this world. Therefore they are considered scarce.
For society a good is not scarce if what?
(C) all members of society can have al they want of the good if the good's if the good's price was zero
What do economist mean when they state that a good is scarce?
If a good is available to everyone in unlimited quantities at zero cost and effort, like the air we breathe, it is abundant. Everything else is considered scarce.Anything that can be traded or bartered is scarce by definition, scarcity is what gives a good economic value. The only scenario in which a good is not scarce is when nobody wants more of it even when they can have it for free.
Is the study of how society manages its scarce resources?
Economics
Why is water considered a scarce resource?
Water is considered as a scarce resource as fresh water occupies only 3% of total water found on earth.
Why water considered a scarce resource?
Water is considered as a scarce resource as fresh water occupies only 3% of total water found on earth.
What is the study of how society manages its scarce resources?
Economics
What is a good example sentence with the word scarce in it?
Water is scarce in the desert
Are trees considered a scarce resource?
yes tree are not unlimited
What are three things that are scarce in today's society?
oil, polar bears and trees
Why are resources scarce?
There are unlimited wants for these resources, but there are only a limited amount of resources in this world. Therefore they are considered scarce.
Which of the following products would be considered scarce?
b. Picasso paintings
If a good or service has high demsnd and a scarce supply the price is likely what?
a scarce supply of th price is what
