Question

the law of scarcity implies ​

Answer 1

Answer:

The law of scarcity simply notes that economic resources — land, labor, capital, and talent — are limited, not infinite. This assumption is easily verifiable by noting that if resources had been infinite, everything should have been free; because it is not, scarcity must exist.

Answer 2

Answer:

1. The Law of Scarcity simply states: If what we desire “appears” to be in limited supply, the perception of its value increases significantly. ... You don't need to go any further than a television commercial or piece of written advertising to see the most commonly used semantics incorporating the principles of scarcity.

Explanation:

• Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

• 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.3

• Scarcity is created by the limited amount of a resource that is available in nature. ... You would say that there is a scarcity of water in Nohho because there is a limited amount of water available. Any resource that exists in nature is considered scarce, since there is always a limited amount available.

• Scarcity increases negative emotions, which affect our decisions. Socioeconomic scarcity is linked to negative emotions like depression and anxiety. viii These changes, in turn, can impact thought processes and behaviors. The effects of scarcity contribute to the cycle of poverty.

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