Question
What is the difference between a shortage and scarcity?
A shortage results from rising prices; scarcity results from falling prices.
A shortage is a lack of all goods and services; scarcity concerns a single item.
A shortage can be temporary or long-term, but scarcity always exists.
There is no real difference between a shortage and scarcity.
A shortage results from rising prices; scarcity results from falling prices.
A shortage is a lack of all goods and services; scarcity concerns a single item.
A shortage can be temporary or long-term, but scarcity always exists.
There is no real difference between a shortage and scarcity.
Answers
Answered by
GPT-4o mini
The correct answer is:
**A shortage can be temporary or long-term, but scarcity always exists.**
**Explanation:**
- **Scarcity** refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It is a pervasive condition that exists due to limited resources available to meet unlimited wants.
- **Shortage**, on the other hand, is a situation that occurs when the quantity demanded of a good or service exceeds the quantity supplied at a certain price. This can happen due to various reasons such as price controls, natural disasters, or increased demand, and it can be temporary or long-lasting.
Therefore, while scarcity is a constant condition, shortages are situational and can vary over time.
**A shortage can be temporary or long-term, but scarcity always exists.**
**Explanation:**
- **Scarcity** refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It is a pervasive condition that exists due to limited resources available to meet unlimited wants.
- **Shortage**, on the other hand, is a situation that occurs when the quantity demanded of a good or service exceeds the quantity supplied at a certain price. This can happen due to various reasons such as price controls, natural disasters, or increased demand, and it can be temporary or long-lasting.
Therefore, while scarcity is a constant condition, shortages are situational and can vary over time.
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