Social Studies, 21.04.2020 20:58 sniron

Explain (in economic terms) the difference between scarcity and shortage.

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Scarcity is a naturally occurring limitation on a resource that can’t be replenish. A shortage is the short term version of that where the item can be reproduced.

Hope this helps :)

Answer from: jordanrose98

Scarcity is used to refer to the idea that, overall in the world, there are not enough resources to meet humans’ unlimited needs and wants. Scarcity is an on-going condition. Shortage, on the other hand, refers to a situation caused by an imbalance in supply and demand. A shortage occurs when producers are not willing or able to supply as much as consumers demand. A shortage can last a long time or a short time, depending on how long it takes for supply and demand to come into balance.

Explanation:

Answer from: Quest

levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.

Answer from: Quest

the answer to your question is,

old stone age.

-mabel < 3

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Explain (in economic terms) the difference between scarcity and shortage....

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