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Alexandra [31]
3 years ago
8

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 :)
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Explanation:

Advantages

1. A monarchy is regarded as one of the most stable forms of government.

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3. Most monarchies rule from a centrist approach.

4. It is possible to reduce or eliminate corruption within the boundaries of a monarchy.

5. There are opportunities to refresh the government.

6. Monarchy leaders are trained from birth to become leaders.

Disadvantages

1. Monarchies can require minors to serve as their country’s head of state.

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