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Who is impacted by the problem of scarcity?
Everyone is impacted by the problem of scarcity at some point in their lives. Some people face water scarcity for example.
Why is scarcity a problem?
scarcity is the problem of infinite human needs and wants in a world of finite 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.
Which fundamental economic problem of farmers did new deal policies attempt to solve?
the answer to this question is scarcity of fertile land or shortage of labor
What is scarcity in an economic sense?
scarcity is the problem in all societies. Scarcity is limited resources to satisfy human wants.
A consequence of the economic problem of scarcity is that?
Scarcity restricts options and demands choices
Is scarcity as an economic problem?
YES!
How scarcity causes economic problem?
how
How society face the problem of scarcity?
how to solve ascarcity problem
Is scarcity an economic problem with which all societies are faced?
Scarcity IS the central problem of all economic activities and problems. Scarcity places a price to its consumption which in turn creates appropriate level of demand and supply. The factors of production (Land/Labor/Capital) is also limited (scarce) therefore needs to be allocated efficiently in order to create prosperity amongst all men.
Why scarcity is important in economic?
if there is an scarcity in land or resources the and the demand will be high then the price will go up.
The fundamental economic problem is?
Scarcity.
