This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Briefly explain the difference between the concepts of scarcity and shortage. What will be an ... (Read 66 times)

j.rubin

  • Hero Member
  • *****
  • Posts: 557
on: Jun 29, 2018
Briefly explain the difference between the concepts of scarcity and shortage.
 
  What will be an ideal response?

Question 2

A situation in which a market economy leads to too few or too many resources going to a particular economic activity is known as
 
  A) competition.
  B) excessive competition.
  C) destructive competition.
  D) a market failure.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

tmlewis4706

  • Sr. Member
  • ****
  • Posts: 295
Reply #1 on: Jun 29, 2018
Answer to Question 1

Scarcity is not a shortage. Scarcity occurs when we cannot obtain all that we want at a zero price. We can eliminate a shortage but we cannot eliminate scarcity because it always exists as a result of limited resources relative to our unlimited wants.

Answer to Question 2

D


j.rubin

  • Hero Member
  • *****
  • Posts: 557
Reply #2 on: Jun 29, 2018
Thank you :)


tmlewis4706

  • Sr. Member
  • ****
  • Posts: 295
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

Multiple experimental evidences have confirmed that at the molecular level, cancer is caused by lesions in cellular DNA.

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

Difference between Asian (left) and African (right) elephant ears. Difference between Asian (left) and African (right) elephant ears.
The difference between a human and an ape. The difference between a human and an ape.
The French sociologist Emile Durkheim (1858–1917) contributed many important concepts to ... The French sociologist Emile Durkheim (1858–1917) contributed many important concepts to ...
What's the Difference Between England, Great Britain, and United Kingdom? What's the Difference Between England, Great Britain, and United Kingdom?
The Cosmic Calendar: Concepts of Time The Cosmic Calendar: Concepts of Time
Video: Wound Repair Animation

For a complete list of videos, visit our video library