The difference between scarcity and a shortage is that
A) scarcity is caused by poverty and shortages are caused by natural disasters.
B) shortages are a type of scarcity caused by natural disasters while scarcity is caused by human errors.
C) scarcity always is a part of human life while shortages usually are temporary.
D) shortages are always part of human life while scarcity is usually temporary.

Question

Quizplus · Accepted Answer

Scarcity refers to the fundamental economic problem of having unlimited wants and needs with limited resources to fulfill them. It is a permanent condition that exists in every society. Shortages, on the other hand, are temporary imbalances between supply and demand that can be caused by natural disasters, war, or other factors. Thus, while scarcity always exists, shortages are usually temporary.

The Difference Between Scarcity and a Shortage Is That