Which of the following BEST describes the main difference between scarcity and a shortage?
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Answer:
Explanation:
A.While a shortage is a temporary market condition, scarcity is an ongoing condition in the world.
B. While scarcity is a temporary market condition, a shortage is an ongoing condition in the world.
C. Scarcity is found throughout the world, but shortages only occur in wealthy countries.
D. Shortages occur everywhere, but scarcity happens only in countries with very high poverty levels.
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Difference Between Scarcity and Shortag
Scarcity means limitedness, which is used in the context of natural resources, that can be reproduced but still scarce as at a given point of time, the availability is limited. The shortage, on the other hand, is a market phenomenon, used for products and services which are not available in the required quantity.
We all know that human wants are unlimited, and the means to satisfy human wants are scarce. In microeconomics, we study, how people work jointly to convert scarce resources into useful goods and services with the aim of satisfying the most urgent of our unlimited wants and the allocation of these goods and services among people. Scarcity is the fundamental economic problem, which is not exactly same as the shortage.
Read out the differences between scarcity and shortage
Content: Scarcity Vs Shortage
Comparison Chart
Definition
Key Differences
Conclusion
Comparison Chart
BASIS FOR COMPARISON SCARCITY SHORTAGE
Meaning Scarcity refers to a state, when a resource is available in a finite quantity at a particular point of time. Shortage means a situation in which the offers of a product is less than the bids.
Occurrence Scarcity is when something is rare and difficult to reproduce. Shortage is when an item is popular and easy to get but sometimes supply does not satisfy demand.
Nature Permanent Temporary
Created by Nature Market
Used for Natural resources Products and Services
Results from Falling prices Rising Prices
Scarcity means limitedness, which is used in the context of natural resources, that can be reproduced but still scarce as at a given point of time, the availability is limited. The shortage, on the other hand, is a market phenomenon, used for products and services which are not available in the required quantity.
We all know that human wants are unlimited, and the means to satisfy human wants are scarce. In microeconomics, we study, how people work jointly to convert scarce resources into useful goods and services with the aim of satisfying the most urgent of our unlimited wants and the allocation of these goods and services among people. Scarcity is the fundamental economic problem, which is not exactly same as the shortage.
Read out the differences between scarcity and shortage
Content: Scarcity Vs Shortage
Comparison Chart
Definition
Key Differences
Conclusion
Comparison Chart
BASIS FOR COMPARISON SCARCITY SHORTAGE
Meaning Scarcity refers to a state, when a resource is available in a finite quantity at a particular point of time. Shortage means a situation in which the offers of a product is less than the bids.
Occurrence Scarcity is when something is rare and difficult to reproduce. Shortage is when an item is popular and easy to get but sometimes supply does not satisfy demand.
Nature Permanent Temporary
Created by Nature Market
Used for Natural resources Products and Services
Results from Falling prices Rising Prices
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