what is scarcity and how does it affect consumer in an economic setting? In 2 paragraphs - economics

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08-01-2021
Social Studies

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what is scarcity and how does it affect consumer in an economic setting? In 2 paragraphs - economics

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Ramchandrapoudel632idn Ramchandrapoudel632idn · Answer 1 · 2021-01-09T21:19:40-05:00

Ramchandrapoudel632idn Ramchandrapoudel632idn

09-01-2021

Answer:

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants.

Explanation:

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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