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

Social Studies

2 answers:

maks197457 [2]4 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]4 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

So how did the noble fare before the great Osiris?

AlekseyPX

Answer:

A dead noble stands trembling in the Hall of Truth. Behind the noble, Horus, the half-falcon, half-man ruler of Earth, unleashes a piercing stare at the quivering man. Thoth, the sharp-beaked, ibis-headed deity of scribes, sharpens his quill — poised to record a verdict of divine judgment.

Explanation:

did this help?

4 0

3 years ago

Read 2 more answers

Trey is studying for a science exam and needs to remember the eight planets: Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranu

zhenek [66]

Trey's strategy is an example of meta-memory.

Explanation:

Meta-memory is a strategy that involves in self-monitoring of memory power. Meta-memory generally refers to knowledge and awareness of our own memory processes.

Meta-memory strategy will be commonly followed by students for memorizing their answers. They usually follow some tricks, clue words or cues to memorize the answers strongly.

In the above scenario, Trey follows meta-memory strategy to memorize the planets name for his science exam. He uses mnemonic technique to remember the planets name.

4 0

3 years ago

_____ is gardner's intelligence theory that proposes that there are eight distinct spheres of intelligence.

shepuryov [24]

Theory of multiple intelligence

4 0

3 years ago

What happened in 2005 when Hurricane Katrina struck Louisiana? Check all that apply.

Leya [2.2K]

Answer:

all of the answers are correct

Explanation: