Question

Scarcity of a key resource or input into the production process

Answer 1

Scarcity reduces the producer's ability to manufacture a limitless number of goods, thus limiting output.

What is the production process?

Producers may have to make the difficult decision of which product to prioritize for manufacture out of a variety of items using limited resources.

Overall, a lack of resources or manufacturing inputs results in a smaller number of goods or services available on the market, which has an impact on customers by forcing them to make difficult purchasing decisions.

Therefore, when something is scarce, more people want it than can be supplied.

Learn more about, scarcity, here:

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