The meaning of scarcity.

Question

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Answer 1

Question

Chapter P1, Problem 1KC

To determine

The meaning of scarcity.

Expert Solution & Answer

Answer to Problem 1KC

Option 'e' is correct.

Explanation of Solution

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is denoted as scarcity in the economy. Whatever may be the demand, let it be the money, commodity, or anything that people demand, when the supply of the same is lower than the demand, then it is called scarcity of the item in the economy.

Option (e):

Human wants are unlimited, and there are no limits to the wants of the consumers. But the resources to meet human wants are limited, which means that there is scarcity of resources in the economy. The available scarce resources have many alternative uses that make choices for the consumers. Thus, scarcity forces the individuals to choose between the available choices. This indicates that option 'e' is correct.

Option (a):

Scarcity arises when the wants are more than the supply. This means when the supply of anything from money to goods and services are lower than the demand, there arises scarcity. Thus, when there is scarcity, not all the wants can be satisfied because the scarce resources have alternative uses. This makes option 'a' incorrect.

Option (b):

The consumers are free to choose between the alternative uses of the scarce resources and are not forced to accept one, which means that there is no abandoning of the consumer sovereignty. This means that option 'b' is also incorrect.

Option (c):

Scarcity arises when the wants are higher than the supply. The resources are having alternative uses and when the consumers lie about their wants, they cannot get the wants fulfilled, and this means that they would never lie about the wants, and so, option 'c' is incorrect.

Option (d):

The resources are limited, whereas the human wants are limited, and this makes scarcity in the economy. Thus, humans cannot make the unlimited resources because it is naturally formed. This means that option 'd' is incorrect.

Economics Concept Introduction

Scarcity: The term “scarcity” defines the situation where the supply of something in the economy is lower than the required demand in the economy, which is obviously known as shortage.

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Students have asked these similar questions

Exercise 5Consider the demand and supply functions for the notebooks market.QD=10,000−100pQS=900pa. Make a table with the corresponding supply and demand schedule.b. Draw the corresponding graph.c. Is it possible to find the price and quantity of equilibrium with the graph method? d. Find the price and quantity of equilibrium by solving the system of equations.

1. Consider the market supply curve which passes through the intercept and from which the marketequilibrium data is known, this is, the price and quantity of equilibrium PE=50 and QE=2000.a. Considering those two points, find the equation of the supply. b. Draw a graph for this equation. 2. Considering the previous supply line, determine if the following demand function corresponds to themarket demand equilibrium stated above. QD=.3000-2p.

Supply and demand functions show different relationship between the price and quantities suppliedand demanded. Explain the reason for that relation and provide one reference with your answer.

Answer 2

Question

Chapter P1, Problem 1KC

To determine

The meaning of scarcity.

Expert Solution & Answer

Answer to Problem 1KC

Option 'e' is correct.

Explanation of Solution

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is denoted as scarcity in the economy. Whatever may be the demand, let it be the money, commodity, or anything that people demand, when the supply of the same is lower than the demand, then it is called scarcity of the item in the economy.

Option (e):

Human wants are unlimited, and there are no limits to the wants of the consumers. But the resources to meet human wants are limited, which means that there is scarcity of resources in the economy. The available scarce resources have many alternative uses that make choices for the consumers. Thus, scarcity forces the individuals to choose between the available choices. This indicates that option 'e' is correct.

Option (a):

Scarcity arises when the wants are more than the supply. This means when the supply of anything from money to goods and services are lower than the demand, there arises scarcity. Thus, when there is scarcity, not all the wants can be satisfied because the scarce resources have alternative uses. This makes option 'a' incorrect.

Option (b):

The consumers are free to choose between the alternative uses of the scarce resources and are not forced to accept one, which means that there is no abandoning of the consumer sovereignty. This means that option 'b' is also incorrect.

Option (c):

Scarcity arises when the wants are higher than the supply. The resources are having alternative uses and when the consumers lie about their wants, they cannot get the wants fulfilled, and this means that they would never lie about the wants, and so, option 'c' is incorrect.

Option (d):

The resources are limited, whereas the human wants are limited, and this makes scarcity in the economy. Thus, humans cannot make the unlimited resources because it is naturally formed. This means that option 'd' is incorrect.

Economics Concept Introduction

Scarcity: The term “scarcity” defines the situation where the supply of something in the economy is lower than the required demand in the economy, which is obviously known as shortage.

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Answer 3

Question

Chapter P1, Problem 1KC

To determine

The meaning of scarcity.

Expert Solution & Answer

Answer to Problem 1KC

Option 'e' is correct.

Explanation of Solution

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is denoted as scarcity in the economy. Whatever may be the demand, let it be the money, commodity, or anything that people demand, when the supply of the same is lower than the demand, then it is called scarcity of the item in the economy.

Option (e):

Human wants are unlimited, and there are no limits to the wants of the consumers. But the resources to meet human wants are limited, which means that there is scarcity of resources in the economy. The available scarce resources have many alternative uses that make choices for the consumers. Thus, scarcity forces the individuals to choose between the available choices. This indicates that option 'e' is correct.

Option (a):

Scarcity arises when the wants are more than the supply. This means when the supply of anything from money to goods and services are lower than the demand, there arises scarcity. Thus, when there is scarcity, not all the wants can be satisfied because the scarce resources have alternative uses. This makes option 'a' incorrect.

Option (b):

The consumers are free to choose between the alternative uses of the scarce resources and are not forced to accept one, which means that there is no abandoning of the consumer sovereignty. This means that option 'b' is also incorrect.

Option (c):

Scarcity arises when the wants are higher than the supply. The resources are having alternative uses and when the consumers lie about their wants, they cannot get the wants fulfilled, and this means that they would never lie about the wants, and so, option 'c' is incorrect.

Option (d):

The resources are limited, whereas the human wants are limited, and this makes scarcity in the economy. Thus, humans cannot make the unlimited resources because it is naturally formed. This means that option 'd' is incorrect.

Economics Concept Introduction

Scarcity: The term “scarcity” defines the situation where the supply of something in the economy is lower than the required demand in the economy, which is obviously known as shortage.

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!

Answer 4

Question

Chapter P1, Problem 1KC

To determine

The meaning of scarcity.

Expert Solution & Answer

Answer to Problem 1KC

Option 'e' is correct.

Explanation of Solution

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is denoted as scarcity in the economy. Whatever may be the demand, let it be the money, commodity, or anything that people demand, when the supply of the same is lower than the demand, then it is called scarcity of the item in the economy.

Option (e):

Human wants are unlimited, and there are no limits to the wants of the consumers. But the resources to meet human wants are limited, which means that there is scarcity of resources in the economy. The available scarce resources have many alternative uses that make choices for the consumers. Thus, scarcity forces the individuals to choose between the available choices. This indicates that option 'e' is correct.

Option (a):

Scarcity arises when the wants are more than the supply. This means when the supply of anything from money to goods and services are lower than the demand, there arises scarcity. Thus, when there is scarcity, not all the wants can be satisfied because the scarce resources have alternative uses. This makes option 'a' incorrect.

Option (b):

The consumers are free to choose between the alternative uses of the scarce resources and are not forced to accept one, which means that there is no abandoning of the consumer sovereignty. This means that option 'b' is also incorrect.

Option (c):

Scarcity arises when the wants are higher than the supply. The resources are having alternative uses and when the consumers lie about their wants, they cannot get the wants fulfilled, and this means that they would never lie about the wants, and so, option 'c' is incorrect.

Option (d):

The resources are limited, whereas the human wants are limited, and this makes scarcity in the economy. Thus, humans cannot make the unlimited resources because it is naturally formed. This means that option 'd' is incorrect.

Economics Concept Introduction

Scarcity: The term “scarcity” defines the situation where the supply of something in the economy is lower than the required demand in the economy, which is obviously known as shortage.

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!

Answer 5

Chapter P1, Problem 1KC

To determine

The meaning of scarcity.

Expert Solution & Answer

Answer to Problem 1KC

Option 'e' is correct.

Explanation of Solution

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is denoted as scarcity in the economy. Whatever may be the demand, let it be the money, commodity, or anything that people demand, when the supply of the same is lower than the demand, then it is called scarcity of the item in the economy.

Option (e):

Human wants are unlimited, and there are no limits to the wants of the consumers. But the resources to meet human wants are limited, which means that there is scarcity of resources in the economy. The available scarce resources have many alternative uses that make choices for the consumers. Thus, scarcity forces the individuals to choose between the available choices. This indicates that option 'e' is correct.

Option (a):

Scarcity arises when the wants are more than the supply. This means when the supply of anything from money to goods and services are lower than the demand, there arises scarcity. Thus, when there is scarcity, not all the wants can be satisfied because the scarce resources have alternative uses. This makes option 'a' incorrect.

Option (b):

The consumers are free to choose between the alternative uses of the scarce resources and are not forced to accept one, which means that there is no abandoning of the consumer sovereignty. This means that option 'b' is also incorrect.

Option (c):

Scarcity arises when the wants are higher than the supply. The resources are having alternative uses and when the consumers lie about their wants, they cannot get the wants fulfilled, and this means that they would never lie about the wants, and so, option 'c' is incorrect.

Option (d):

The resources are limited, whereas the human wants are limited, and this makes scarcity in the economy. Thus, humans cannot make the unlimited resources because it is naturally formed. This means that option 'd' is incorrect.

Economics Concept Introduction

Scarcity: The term “scarcity” defines the situation where the supply of something in the economy is lower than the required demand in the economy, which is obviously known as shortage.

Answer 6

Chapter P1, Problem 1KC

To determine

The meaning of scarcity.

Expert Solution & Answer

Answer to Problem 1KC

Option 'e' is correct.

Explanation of Solution

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is denoted as scarcity in the economy. Whatever may be the demand, let it be the money, commodity, or anything that people demand, when the supply of the same is lower than the demand, then it is called scarcity of the item in the economy.

Option (e):

Human wants are unlimited, and there are no limits to the wants of the consumers. But the resources to meet human wants are limited, which means that there is scarcity of resources in the economy. The available scarce resources have many alternative uses that make choices for the consumers. Thus, scarcity forces the individuals to choose between the available choices. This indicates that option 'e' is correct.

Option (a):

Scarcity arises when the wants are more than the supply. This means when the supply of anything from money to goods and services are lower than the demand, there arises scarcity. Thus, when there is scarcity, not all the wants can be satisfied because the scarce resources have alternative uses. This makes option 'a' incorrect.

Option (b):

The consumers are free to choose between the alternative uses of the scarce resources and are not forced to accept one, which means that there is no abandoning of the consumer sovereignty. This means that option 'b' is also incorrect.

Option (c):

Scarcity arises when the wants are higher than the supply. The resources are having alternative uses and when the consumers lie about their wants, they cannot get the wants fulfilled, and this means that they would never lie about the wants, and so, option 'c' is incorrect.

Option (d):

The resources are limited, whereas the human wants are limited, and this makes scarcity in the economy. Thus, humans cannot make the unlimited resources because it is naturally formed. This means that option 'd' is incorrect.

Economics Concept Introduction

Scarcity: The term “scarcity” defines the situation where the supply of something in the economy is lower than the required demand in the economy, which is obviously known as shortage.

Answer 7

Chapter P1, Problem 1KC

To determine

The meaning of scarcity.

Answer 8

Expert Solution & Answer

Answer to Problem 1KC

Option 'e' is correct.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is denoted as scarcity in the economy. Whatever may be the demand, let it be the money, commodity, or anything that people demand, when the supply of the same is lower than the demand, then it is called scarcity of the item in the economy.

Option (e):

Human wants are unlimited, and there are no limits to the wants of the consumers. But the resources to meet human wants are limited, which means that there is scarcity of resources in the economy. The available scarce resources have many alternative uses that make choices for the consumers. Thus, scarcity forces the individuals to choose between the available choices. This indicates that option 'e' is correct.

Option (a):

Scarcity arises when the wants are more than the supply. This means when the supply of anything from money to goods and services are lower than the demand, there arises scarcity. Thus, when there is scarcity, not all the wants can be satisfied because the scarce resources have alternative uses. This makes option 'a' incorrect.

Option (b):

The consumers are free to choose between the alternative uses of the scarce resources and are not forced to accept one, which means that there is no abandoning of the consumer sovereignty. This means that option 'b' is also incorrect.

Option (c):

Scarcity arises when the wants are higher than the supply. The resources are having alternative uses and when the consumers lie about their wants, they cannot get the wants fulfilled, and this means that they would never lie about the wants, and so, option 'c' is incorrect.

Option (d):

The resources are limited, whereas the human wants are limited, and this makes scarcity in the economy. Thus, humans cannot make the unlimited resources because it is naturally formed. This means that option 'd' is incorrect.

Answer 12

Economics Concept Introduction

Scarcity: The term “scarcity” defines the situation where the supply of something in the economy is lower than the required demand in the economy, which is obviously known as shortage.

Answer 13

Ch. P1 - Prob. 1KC Ch. P1 - Prob. 2KC Ch. P1 - Prob. 3KC Ch. P1 - Prob. 4KC Ch. P1 - Prob. 5KC Ch. P1 - Prob. 6KC Ch. P1 - Prob. 7KC Ch. P1 - Prob. 8KC Ch. P1 - Prob. 9KC Ch. P1 - Prob. 10KC

The meaning of scarcity.

The meaning of scarcity.

Answer to Problem 1KC

Explanation of Solution

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Chapter P1 Solutions