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4 years ago

Give (2) examples how we deal with "Scarcity"

Business

1 answer:

san4es73 [151]4 years ago

8 0

Answer:

Either increasing supply or lowering demand

Explanation:

increasing supply:

e.g. when less developed countries (LDCs) experience a famine or drought, other countries can supply food and/or water to them

lowering demand:

finding alternative solutions of the product (that have the same effect as the original product) or reducing the reasons for why there is a high demand

- e.g. crops not growing well due to weather/crop disease going around -> find a crop that is more resistant to the disease (reducing reasons for demand)

- e.g. rice field has an infestation -> not yielding enough rice to feed the population -> population feels hungry and other foods cannot help them feel full/sustain them -> find another crop to substitute, like yam or potatoes that are equally filling (alternative solutions)

but these two are pretty much the same so

also please note I don't take any courses on supply and demand other than geography so I might be completely wrong

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