Does the fact that something is abundant mean it is not scarce in the economic sense? Why or why not?
Answers
Answer:
There would be no need for an economy if there were no scarcity. Everyone would simply consume anything they desired. Scarcity implies that we must prepare and devote resources/efforts to produce things.
Explanation:
Whether something is plentiful or scarce is frequently determined by circumstance. Before COVID-19, we might have declared there was an abundance of toilet paper in America. When COVID-19 struck, toilet paper became scarce. We can see here how unforeseeable crises, rather than economics, impact what is abundant and what is scarce. When emergency managers in Flint, Michigan tried to save money by modifying how its citizens obtained their water, we saw how economics can convert an abundance into scarcity. Overall plenty does not preclude scarcity in specific marketplaces or for certain persons. This is due to the fact that a plentiful resource might become rare for some due to a variety of circumstances. Temporary emergencies (such as the current COVID-19 outbreak or hurricanes) demonstrate how abundant goods can become scarce fast.
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