25 points in an answer of at least two well-developed paragraphs, compare the concepts of scarcity and shortage, and provide an example of each.

Scarcity means an increasing opportunity cost due to specialization of the input factors. Shortage mean the situation when demand is more than supply.

Explanation:

Scarcity is limited quantities of resources to meet unlimited wants. So everything on the planet is scarce. Scarcity is caused by nature it is things such as gold diamonds. There is always a lin=mit to what the earth can provide. The earth still provides what they need but not in really big quantities. It is also the reason for the study of economics, because if there would be unlimited resources no need to make good economical decisions.

Shortage on the other hand is a situation when demand is more than supply. These supplies are human-made. Things that are shortages are created by the market. Shortage resolves itself. Due to people wanting to pay any amount of money for that product.

Explanation:

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