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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