Mention three examples of scarcity.

Question

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Answer 1

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

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Answer 2

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

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Answer 3

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

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Answer 4

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

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Answer 5

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

Answer 6

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

Answer 7

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Answer 8

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.