Explain (in economic terms) the difference between scarcity and shortage.

Social Studies

2 answers:

maks197457 [2]3 years ago

8 0

Answer:

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.

Explanation:

drek231 [11]3 years ago

3 0

Scarcity is a naturally occurring limitation on a resource that can’t be replenish. A shortage is the short term version of that where the item can be reproduced.

Hope this helps :)

You might be interested in

During the time from 1 to 500 CE, most of western and central Europe was under the control of the

zvonat [6]

I am 100% positive the answer is Romans

please mark me brainliest:) Have a nice day

7 0

3 years ago

Where in the New Testament is the incident about the spies in Numbers used as a warning to Christians about disobedience?

tiny-mole [99]

Answer:

Hebrews.

Explanation:

6 0

3 years ago

What was the problem amd one reform related to logging practices?

notsponge [240]

Since you don't specify in your question whether you mean any specific region, i will assume that it could be anywhere.

So let's take Indonesia as an example: the reform was only allowing logging in some regions, and not allowing logging outside of these regions.

The problem with this is that this is hard to implement and despite this prohibition, logging is still widespread everywhere.

7 0

2 years ago

The court system is given the job of interpreting laws and is most associated with what branch of government?

guajiro [1.7K]

The Judicial Branch was the branch of goverment

5 0

3 years ago

Conflict theorists would contend that changes in ________ explain the high divorce rates in the united states.

mr_godi [17]

Conflict theorists would contend that changes in the male-female power relationship explain the high divorce rates in the united states. It <span> is a theory propounded by </span>Karl Marx<span> that claims society is in a state of perpetual conflict due to competition for limited resources.</span>

3 0

3 years ago