Question

A company is the sole supplier of a rare type of stone that it distributes to certain furniture manufacturers for use in high-end kitchen countertops. Many manufacturers have started using a synthetic material that is nearly indistinguishable from the natural stone. This supplier has control over a resource that would be considered:

Answer 1

The supplier has control over a resource that would be considered scarce, but not critical, as there are other forms of substitution similar to the natural resource.

What is economic scarcity?

It corresponds to the gap between resources that are limited and the satisfaction of unlimited needs, being a problem that must be considered for sufficient resource allocation and strategic decision making.

Therefore, the causes of economic scarcity are induced by the demand and supply inherent to economic activity.

Find out more about economic scarcity here:

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