Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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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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Students have asked these similar questions
Which of the following examples illustrate why even the 1,826 billionaires in the world face scarcity?
1. Mark Zuckerberg wants everyone in the world to have Internet access.
2. Donald Trump ran for the job of President of the United States.
3. Bill Gates wants to eradicate malaria.
4. George Soros thinks China will implode.
5. Warren Buffet is a successful fund manager.
6. Sergey Brin wants the content of every book ever published to be available to a Google search.
The examples above that illustrate scarcity are numbered
2, 4, and 6
O 1, 3, and 6
1, 3, and 5
2, 4, and 5
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.
Name two types of scarcity
Chapter 1 Solutions
Foundations of Economics (8th Edition)
Ch. 1.A - Prob. 1SPPCh. 1.A - The spreadsheet in Table 1 provides data on the...Ch. 1.A - Prob. 3SPPCh. 1.A - Prob. 4SPPCh. 1.A - Draw a scatter diagram to show the relationship...Ch. 1.A - Draw a time-series graph of the quantity of music...Ch. 1.A - Prob. 3IAPCh. 1.A - Prob. 4IAPCh. 1.A - Prob. 5IAPCh. 1 - Prob. 1SPPA
Ch. 1 - Prob. 2SPPACh. 1 - Prob. 3SPPACh. 1 - Prob. 4SPPACh. 1 - Prob. 5SPPACh. 1 - Prob. 6SPPACh. 1 - Prob. 7SPPACh. 1 - Prob. 8SPPACh. 1 - Prob. 9SPPACh. 1 - Prob. 10SPPACh. 1 - Prob. 11SPPACh. 1 - Prob. 12SPPACh. 1 - Prob. 13SPPACh. 1 - Prob. 1IAPACh. 1 - Prob. 2IAPACh. 1 - Prob. 3IAPACh. 1 - Prob. 4IAPACh. 1 - Prob. 5IAPACh. 1 - Prob. 6IAPACh. 1 - Prob. 7IAPACh. 1 - Prob. 8IAPACh. 1 - Prob. 9IAPACh. 1 - Prob. 10IAPACh. 1 - Prob. 11IAPACh. 1 - Prob. 12IAPACh. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQ
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Similar questions
- Why might an economist look at hundreds of cars moving along an assembly line and say, “There is an example of scarcity”?arrow_forwardWhy choice arise as a result of scarcity?arrow_forwardAccording to Forbes Magazine, there are close to 2700 billionaries in the world. It is likely fair to say that they don't face scarcity in quite the same way as you do or I do. Do they face scarcity at all? Why or why not?arrow_forward
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