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1. Approximately what percentage of the world"s economies experience scarcity?
A. 100%
b. 75%
c. 50%
d. 25%
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- Check Answ on 6 of 21 Attempt 2 Thinking about scarcity in terms of the economic way of thinking, why does scarcity exist? Select the most complete explanation. Scarcity and poverty are the same thing; they are both unavoidable because poverty is relative. exists because people have unlimited wants. exists because there are limited productive resources in the world. exists because people virtually have unlimited wants and because the earth has a limited supply of land, labor, capital, and entrepreneurial ability. exists because people have limited incomes.Because of scarcity,a.it is impossible to satisfy every desire and choices must be made.bthe available supply of time,goods and resources is greater than human wants.c. every desire is fulfilled.d.ther are no limits on the economy's ability to satisfy unlimited wants.Could you explain in economic concepts the situation in the image why there is scarcity in the situation?
- Because of scarcity: Select one: a. all choices about wants and using resources must be made by the government. b. choices can be made about which wants to satisfy, but not about which resources to use. c. individuals and societies must prioritize which wants and needs are most important to satisfy. d. individuals and societies are allowed no choice about which wants and needs to satisfy.1. In some countries the government makes most of the decisions about what will be produced, how it will be produced, and for whom. Does the fact that these choices are made by the government eliminate scarcity in these countries? Why or why not? 2. Should an economic model describe reality exactly?What are the two major ways in which an economy can grow and push out its production possibilities curve?a. Better weather and nicer cars.b. Higher taxes and lower spending.c. Increases in resource supplies and advances in technology.d. Decreases in scarcity and advances in auditing.
- What is scarcity in economics, provide an example. What is the impact of technology and innovation on scarcity?Because of scarcity,a. it is impossible to satisfy every desire andchoices must be made.b. the available supply of time, goods, andresources is greater than human wants.c. every desire is fulfilled.d. there are no limits on the economy’s ability tosatisfy unlimited wants.what does the absence of scarcity in an economy reflect in a graph?