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How are scarcity and shortage different?

A. Scarcity is temporary, but a shortage is permanent.
B. A shortage is temporary, but scarcity always exists.
C. Scarcity does not exist because there is an unlimited supply of resources.
D. There is no difference between a shortage and scarcity.

Sagot :

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Final answer:

Scarcity in economics requires choices due to limited resources, while a shortage is a temporary imbalance of supply and demand.


Explanation:

Scarcity in economics refers to the situation where human wants for goods and services surpass the available supply due to limited resources. This concept of scarcity forces individuals to make choices as resources are not unlimited.

A shortage, on the other hand, is a temporary situation where the quantity demanded for a good or service exceeds the quantity supplied at a particular price. It is often influenced by factors like sudden increases in demand or supply chain disruptions.

Understanding the distinction between scarcity and shortage is crucial in economic analysis as scarcity is a constant underlying factor driving decision-making, whereas a shortage is a transient imbalance in the market.


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