Question

How can economist say that cars are scarce while millions are produced each year

Answer 1

Answer:

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Explanation:

Scarcity is when the means to fulfill ends are limited and costly. Scarcity is the foundation of the essential problem of economics: the allocation of limited means to fulfill unlimited wants and needs.

Answer 2

Answer:

Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural. Demand-induced scarcity happens when the demand of the resource increases and the supply stays the same. Supply-induced scarcity happens when a supply is very low in comparison to the demand.

Explanation:

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