Now that you know the meaning of scarcity as well as the related concepts to it, write ten (10) sentences stating the relevance of scarcity to your daily life. Also, recount events in your life where you experienced signs of scarcity in your life.
Answers
Explanation:
News about a temporary gasoline shortage can result in panic and long lines, leading to an even bigger shortage.
Hoarding of toilet paper and hand sanitizer during a pandemic causes a disruption in the supply chain of these products, leading to scarcity in stores.
A particularly bad flu season inspires many more people to get the flu vaccine in the next year, but vaccine supply does not meet demand.
An increased need for military assistance causes a country to deploy more soldiers, but there are not enough enlisted soldiers to meet demand at the moment.
The demand for wood to build more houses leads to a depletion of local forests and, eventually, a shortage of lumber.
A popular video game system sells out on its first day of release, leaving some consumers waiting for the next available shipment.