Scarcity and Shortages Differ in That

question 262

Multiple Choice

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.

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Definitions:

Work-retraining Program

Programs designed to teach individuals new skills or update their existing skills to enhance their employability in the current job market.

Type A Personality

A temperament characterized by competitiveness, high ambition, aggressiveness, impatience, and a fast pace of life.

Coping

Methods or strategies used by individuals to deal with stress, manage emotions, and navigate difficult situations.

Stress

A psychological response to demands that possess certain stakes for the person, which tax or exceed the person's capacity or resources.