Foundations of Economics (8th Edition)
Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
Question
Book Icon
Chapter 1, Problem 1SPPA
To determine

Mention three examples of scarcity.

Expert Solution & Answer
Check Mark

Explanation of Solution

The three examples of scarcity are given below:

  • The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
  • Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
  • Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.
Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
The preferences of a consumer are represented by the following utility function: U = min (×1, 2x2) If income is 100 and p1=p2=1 a) What is the optimal bundle? b) If p₁=4, what is the new optimal bundle? c) If p2=4, what is the new optimal bundle? d) Decompose the price effect into income and substitution effect and provide a graphical representation of your results.
Challenges of Nepal's foreign trade.
Sol
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
EBK HEALTH ECONOMICS AND POLICY
Economics
ISBN:9781337668279
Author:Henderson
Publisher:YUZU
Text book image
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Text book image
Microeconomics
Economics
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Cengage Learning
Text book image
Macroeconomics
Economics
ISBN:9781337617390
Author:Roger A. Arnold
Publisher:Cengage Learning
Text book image
MACROECONOMICS FOR TODAY
Economics
ISBN:9781337613057
Author:Tucker
Publisher:CENGAGE L
Text book image
Micro Economics For Today
Economics
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Cengage,