Understanding Shortages vs. Scarcity

A lack of something that is desired when there is less of it available than people want (correct)

An abstract idea

A situation where there is an abundance of goods

A condition of having more goods than people want

Sufficient production of items for everyone who wants them

A sudden increase in demand for a trendy item (correct)

A decrease in the number of people wanting a good or service

Stable market conditions

When production is resumed or new sources of supply are found (correct)

When demand continues to outstrip supply perpetually

When the fad leading to the shortage persists

When people stop wanting the scarce item

<p>Increased demand due to people preparing for the hurricane</p> Signup and view all the answers

<p>Scarcity is a permanent condition where there will never be enough</p> Signup and view all the answers