Scarcity and shortages differ in that
A) scarcity is caused by natural disasters and shortages are caused by mistakes people make.
B) scarcity is a condition of human life while shortages are usually temporary phenomena related to an imbalance between the amount desired and the amount produced.
C) scarcity is a type of shortage but shortage is a broader concept.
D) shortages apply to resource markets while scarcity applies to product markets.
Correct Answer:
Verified
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Q51: A man-made resource such as a building
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Q54: In economics, resources are also known as
A)
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Q57: Production refers to
A) physically producing material goods
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