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Author Question: Briefly explain the difference between the concepts of scarcity and shortage. What will be an ... (Read 65 times)

j.rubin

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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.


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tmlewis4706

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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

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Reply #2 on: Jun 29, 2018
Thank you :)


tmlewis4706

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Reply #3 on: Jun 29, 2018
Happy to help you


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