Read the sentence below and answer the following question during the famine, unspoiled food was a scarcity. what does scarcity

Read the sentence below and answer the following question
during the famine, unspoiled food was a scarcity.

what does scarcity mean?

common thing
rare thing
heavy thing
light thing

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  1. Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

  2. is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources It states that society has insufficient productive resources to fulfill all human wants and needs. I Hope This helped 🙂 \(0o0)/

  3. The answer to your question is
    [tex]\boxed{\bf B.~bill~gates~faces~scarcity~because~resources~are~limited.}[/tex]

    Hope this helps you!

  4. The answer is C. Private economic activities create externalities; government activities do not

    Explanation:

    In economics, externality is a situation in which the actions or activities of an organization results to a cost or benefits borne by a third party e.g the community.

    This activities mostly arose from company's production or consumption. There are positive and negative externality.

    Example of negative externality is pollution

  5. Even the richest man in the world face scarcity.

    Explanation:

    ‘Scarcity’ is the shortage or insufficiency or lack of anything. We known that scarcity almost always affect people of low income growth, but is that the case with the most wealthy person as well? The answer is most certainly yes.

    The most richest person who has a net worth of Billions also faces scarcity. This is mainly because their wants exceeds the resources.

    Wants of a person is always greater in number. The relationship between human want and the availability of those resources is what makes the difference. So whether rich or poor, there’s no person who is not touched by scarcity.

  6. The answer to your question is
    [tex]\boxed{\bf B.~bill~gates~faces~scarcity~because~resources~are~limited.}[/tex]

    Hope this helps you!

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