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:

Lake Washington

A large freshwater lake adjacent to the city of Seattle in the state of Washington, USA, known for its natural beauty and recreational activities.

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Physical remnants of organisms from the past, preserved in geological formations, that provide information about the history of life on Earth.

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