The manner in which scarcity is different from shortage.
Scarcity is defined as the problem in which there is limited resources available but unlimited wants. When there is fixed amount of resources available at any point of time and people have different kind of uses for those resources, this leads to the scarcity.
Scarcity is different from shortage. This is because when we talk about scarcity it refers to the unlimited wants of the people for the available resources, whereas shortage is temporary. They occur frequently. For example, when floods landslides occur, it leads to the shortage of goods and services and property.
Generally, scarcity occurs when available resources are rare and difficult to reproduce whereas shortage occurs when a good or service have high demand but due to less supply, it does not satisfy the demand. Scarcity is permanent whereas shortage is temporary.
Chapter 1 Solutions
Economics Today and Tomorrow, Student Edition
Additional Business Textbook Solutions
Cost Accounting (15th Edition)
Horngren's Accounting (11th Edition)
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Construction Accounting And Financial Management (4th Edition)
Principles of Management
Horngren's Accounting (12th Edition)
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education