Select all the correct answers. Jennifer has a limited amount of water at home because of a problem with her pipes. The plumber isn't available right away, and so she must live with a limited water supply for the day. Jennifer needs to take a bath, water her plants, and do the dishes. If she uses all the water to have a luxurious bath, there would be no more water for the plants and the dishes. So, she decides to use only a bucket of water for a quick bath, another bucket for watering plants, and one bucket to clean the dishes. She saves and stores some water in the bathroom. Which economic concepts are at play here?

a) scarcity

b) labor

c) entrepreneurship

d) diversification

e) marginal analysis

Question

Javon

Social Studies

5 May, 12:19

Select all the correct answers. Jennifer has a limited amount of water at home because of a problem with her pipes. The plumber isn't available right away, and so she must live with a limited water supply for the day. Jennifer needs to take a bath, water her plants, and do the dishes. If she uses all the water to have a luxurious bath, there would be no more water for the plants and the dishes. So, she decides to use only a bucket of water for a quick bath, another bucket for watering plants, and one bucket to clean the dishes. She saves and stores some water in the bathroom. Which economic concepts are at play here?

a) scarcity

b) labor

c) entrepreneurship

d) diversification

e) marginal analysis

+2

Answers (1)

Know the Answer?

Glenn Brady · Answer 1

a) Scarcity

Explanation:

Scarcity is a concept which states that human beings cannot satisfy all their numerous wants because the resources to satisfy them are limited in supply. In other words, Jennifer's wants are numerous such that she needed water to bath, wet her plants and do the dishes but she had limited supply of water. As a result, she had to make rational and efficient use of the water.