What is scarcity your answer?

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setonmom2078 setonmom2078

27-12-2022
Social Studies

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What is scarcity your answer?

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KanakKhatana KanakKhatana · Answer 1 · 2023-01-03T02:31:53-05:00

When a good or service is in higher demand than it is readily available, it is said to be in excess of its capacity which is referred to as scarcity.

What is a shortage and why is it a problem?

The primary economic issue is scarcity. Because there aren't enough resources to meet everyone's needs, it develops. There is always a lack. Rich people experience scarcity when their wants exceed their means, when they are forced to make choices between alternatives because they are unable to be in two places at once, and when these situations arise frequently.

How essential is scarcity?

To comprehend how products and services are valued, one must understand scarcity. Because marketers of these commodities and services can charge higher rates, things that are scarce, like gold, diamonds, or specific types of knowledge, are more valued for being scarce.

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