Ask Question
BusinessBusiness
27 January, 08:25

What does the term scarcity mean as it relates to economics?

+3
Answers (2)
  1. 27 January, 08:35
    0
    In economics, scarcity is also called paucity. It is a problem of infinite human needs and wants, in a world of infinite resources. Society does not have sufficient productive resources to fulfill those wants and need. In other words, scarcity implies that not all societies' goal can be pursued at the same; trade-off are made of one good against others.
  2. 27 January, 08:49
    0
    Not enough to go around. By definition, scarcity means limited resources.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “What does the term scarcity mean as it relates to economics? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The number of a country's unemployed workers decreased from 5.3 million to 3.9 million last year. if the country's population remained constant at 75 million, how did its unemployment rate change last year?
Answers (2)
Monty Corp. issued 1,900 5%, 9-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017.
Answers (1)
The idea that as the quantity of an input increases, the additional output decreases (holding all else constant is called the Law of Answer.
Answers (1)
Which of the following are probability samples? Mark all that apply. Group of answer choices A. Simple Random Sample B. Convenience Sample C. Voluntary Response Sample D. Blind Sample E. Stratified Sample F. Cluster Sample
Answers (1)
The standard deviation of a portfolio: a. is a weighted average of the standard deviations of the individual securities held in the portfolio. b. can never be less than the standard deviation of the most risky security in the portfolio. c.
Answers (1)
New Questions in Business
Which of the following groups on the Insert tab contain the command to add WordArt to a publication? Illustrations Text Links Header & Footer
Answers (1)
Avicorp has a $10 million debt issue outstanding, with a 6% coupon rate. The debt has semiannual coupons, the next coupon is due in six months, and the debt matures in five years. It is currently priced at 95% of par value. a.
Answers (1)
In the United States, you can own anything you want and decide what you want to do with it, as long as it does not violate the law. This describes the principle of
Answers (1)
High value-added per employee is associated with: a. capital intensive industries. b. labor intensive industries. c. the shoe industry in 1860. d. the use of unskilled labor.
Answers (1)
How were the earliest benefits of the industrial revolution distributed between Factory owners and workers?
Answers (1)
Home » Business » What does the term scarcity mean as it relates to economics?
Sign Up Forgot Password?