Question

A construction company cannot complete a building because it has too few workers to finish the job. This is an example of which economic principle? scarcity of labor surplus of capital opportunity cost factors of production

Answer 1

Answer:

scarcity of labor

Explanation:

Scarcity occurs when the supply of a particular resource does not meet the demand for it. In other words, when needs are larger than resources

In this case, we can see that the company needs more workers than it has, effectively suffering from scarcity of labor.

Scarcity is a common ocurrence for every resource, including for the factors of production, which include labor, capital, and land.

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