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 122 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?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

Patients should never assume they are being given the appropriate drugs. They should make sure they know which drugs are being prescribed, and always double-check that the drugs received match the prescription.

Did you know?

Urine turns bright yellow if larger than normal amounts of certain substances are consumed; one of these substances is asparagus.

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
Draw and label a diagram and explain how a factor-dependent transcription (rho-dependent) terminator Draw and label a diagram and explain how a factor-dependent transcription (rho-dependent) terminator
Core Concepts in Sociology, Second Canadian Edition, 2/E (Lindsey, Beach, Ravelli) Core Concepts in Sociology, Second Canadian Edition, 2/E (Lindsey, Beach, Ravelli)
Financial Management: Core Concepts Financial Management: Core Concepts
Core Concepts in Pharmacology Core Concepts in Pharmacology
Concepts related to stress and coping Concepts related to stress and coping
Video: Steps of glucose catabolism

For a complete list of videos, visit our video library