Question

What is the difference between a scarcity and a shortage?
a.
A scarcity occurs when producers will not or cannot offer goods or services at the current prices, and a shortage occurs when there are limited quantities to meet unlimited wants.
b.
Scarcity is the effort that people devote to a task that meets unlimited wants, and a shortage occurs when supplies of goods or services run low.
c.
A scarcity occurs when supplies of goods and services are suddenly attainable, and a shortage occurs when producers will not or cannot offer goods or services at the current prices.
d.
A scarcity occurs when there are limited quantities to meet unlimited wants, and a shortage occurs when a good or service is unavailable.

Answer 1

d.

Explanation: Scarcity is the fundamental economic problem of limited resources versus unlimited wants. A shortage is a situation where a good or service is temporarily unavailable or supply is insufficient at current prices.