3 years ago

Scarcity: Group of answer choices

Business

1 answer:

Rudiy273 years ago

5 0

Answer:

c. is a problem that exists in every economy.

Explanation:

Scarcity is shortage of supply with respect to demand.

This arises because of (causes) : Unlimited Wants, Limited resources having alternative uses.

Scarcity is a problem of each & every economy : underdeveloped, developing or developed economy. Eg - Developed Economy like US might be labour scarce, capital abundant & Developing Economy like India might be capital scarce, labour abundant.

This leads to (effects) : 3 Central Problems of Economy - What to produce , How to produce , For Whom to Produce .

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