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Which of the following accurately describes the effect of a situation of scarcity?
Wiki User
∙ 6y ago
Theres a shortage of oil, pushing car companies into researching alternative fuels
Veda Lawler
Wiki User
∙ 6y agoJjj
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What is scarcity and how does scarcity influence opportunity cost?
Scarcity is a situation where there is not enough to satisfy everyone's wants.
In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
What is Scarcity and Choice?
scarcity is a situation when demand for a good exceeds its supply even at a zero price and choice is a consequence of scarcity. choice emerges when limited resources are to be used for satisfaction of unlimited wants.
What does it mean by ''choice arises as a result of scarcity of resources''?
Choice is a situation where there are limited resources to satisfy numerous wants
Which term is used to describe a situation where most consumers are forced to make a decision based on limited resources?
scarcity
Describes the effect of a situation of scarcity?
There's a shortage of oil, pushing car companies into researching alternative feuls.
What best describes the effect of a situation of scarcity?
There's a shortage of oil, pushing car companies into researching alternative fuels. APEX
What is scarcity and how does scarcity influence opportunity cost?
Scarcity is a situation where there is not enough to satisfy everyone's wants.
Unavailability of a good or service in a given situation?
Scarcity
In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
What a situation of scarcity?
A child charges friends for a ride on his new bike
What is Scarcity and Choice?
scarcity is a situation when demand for a good exceeds its supply even at a zero price and choice is a consequence of scarcity. choice emerges when limited resources are to be used for satisfaction of unlimited wants.
What terms describes the condition that there are not enough resource to meet all needs and wants?
true
When a producer is unable to meet the demand of a certain product, which of the following occurs?
scarcity
Which term is used to describe a situation where most consumers are forced to make decisions based on limited resources?
scarcity
Which term is used to describe a situation where most consumers are forced to make decisions based on limited resource?
scarcity
What does it mean by ''choice arises as a result of scarcity of resources''?
Choice is a situation where there are limited resources to satisfy numerous wants
