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:

Equity Principle

The principle suggesting fairness is achieved when the ratio of an individual's inputs to outcomes is equal to that of others.

Similar Partner

The concept that individuals often choose partners who are similar to them in various attributes like interests, attitudes, and values.

Evolutionary Perspective

A theoretical approach in psychology that seeks to explain behavior through the lens of adaptation and natural selection.

Casual Sex

Sexual activity occurring without the expectation of a committed relationship, often seen as physically gratifying without emotional ties.