Using complete sentences, explain (in economic terms) the difference between scarcity and shortage.

2 answers:

7 0

Answer:scarcity an on going condition in the world there are never enough resources to meet eveyones needs or wants.

shortage a situation in which the demand for a good or the service is greater than the amount of supplies in a market.

short term: the shortage of tickets to a popular concert.

long term: national shortage of nurses.

Explanation:

nalin [4]4 years ago

3 0

Answer:

Explanation:

Responses will vary. A sample response follows:

Scarcity is used to refer to the idea that, overall in the world, there are not enough resources to meet humans’ unlimited needs and wants. Scarcity is an on-going condition. Shortage, on the other hand, refers to a situation caused by an imbalance in supply and demand. A shortage occurs when producers are not willing or able to supply as much as consumers demand. A shortage can last a long time or a short time, depending on how long it takes for supply and demand to come into balance.

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