Mention three examples of scarcity.

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Answer 1

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

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.

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Students have asked these similar questions

Which of the following examples illustrate why even the 1,826 billionaires in the world face scarcity? 1. Mark Zuckerberg wants everyone in the world to have Internet access. 2. Donald Trump ran for the job of President of the United States. 3. Bill Gates wants to eradicate malaria. 4. George Soros thinks China will implode. 5. Warren Buffet is a successful fund manager. 6. Sergey Brin wants the content of every book ever published to be available to a Google search. The examples above that illustrate scarcity are numbered 2, 4, and 6 O 1, 3, and 6 1, 3, and 5 2, 4, and 5

Check Answ on 6 of 21 Attempt 2 Thinking about scarcity in terms of the economic way of thinking, why does scarcity exist? Select the most complete explanation. Scarcity and poverty are the same thing; they are both unavoidable because poverty is relative. exists because people have unlimited wants. exists because there are limited productive resources in the world. exists because people virtually have unlimited wants and because the earth has a limited supply of land, labor, capital, and entrepreneurial ability. exists because people have limited incomes.

Name two types of scarcity

Answer 2

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

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.

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Answer 3

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

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.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

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.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

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.

Answer 6

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

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.

Answer 7

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Answer 8

Expert Solution & Answer

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.