Question

Which object is likely to have the most value based on the concept of scarcity?

Answer 1

The object that is likely to have the most value based on the concept of scarcity is a Silver necklace

Based on the concept of scarcity , the objects that is harder to obtain tend to get a higher value. In most cases, jewelry tend to have more value than agricultural products

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Answer 2

The Object that is likely to have the most value based on the concept of scarcity is a silver necklace.  

Further Explanation:-

Limited availability of the commodity is known as Scarcity and this may be in the demand by the commons or maybe in demand in the market. An individual’s lack of resources in order to buy these commodities can also be included in Scarcity. According to the notion of scarcity, it can be said that there can never be enough every time in order to satisfy and complete all human needs and this cannot be achieved even at the advanced stages of human technology whichever is available. In Scarcity, making sacrifice can also be said to involve as sometimes someone has to give up something in order to achieve something. Scarcity only occurs when there is a real need for something and in order to achieve that thing, one has to pay something. For instance, Oxygen is mandatory for everyone to live but it is free and gold, on the other hand, is not mandatory for everyone to have but people pay a hefty amount of money to buy gold because it has to find and then nourished. The Object that is likely to have the most value based on the concept of scarcity is a silver necklace.

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Answer details:

Grade – High School

Subject – Economics

Chapter – Scarcity

Keywords – Scarcity, Silver, Gold, Oxygen, commons, human needs, nourished, Money, commodities, instance, gold.