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 85 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?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

More than 50% of American adults have oral herpes, which is commonly known as "cold sores" or "fever blisters." The herpes virus can be active on the skin surface without showing any signs or causing any symptoms.

Did you know?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

The difference between mieosis and mitoses The difference between mieosis and mitoses
The difference between a human and an ape. The difference between a human and an ape.
This modified model of Easton’s systems theory puts government decision makers as the source of pol This modified model of Easton’s systems theory puts government decision makers as the source of pol
A severe food shortage occurred in the Netherlands during the “Hunger Winter” of 1944–1945. A severe food shortage occurred in the Netherlands during the “Hunger Winter” of 1944–1945.
GO! All in One: Computer Concepts and Applications, 3rd GO! All in One: Computer Concepts and Applications, 3rd
Explain the myogenic autoregulation of the glomerular filtration rate Explain the myogenic autoregulation of the glomerular filtration rate
Video: Otitis Media

For a complete list of videos, visit our video library