Question

What is the difference between "scarcity" and "shortage"? 

    What is the difference between "scarcity" and "shortage"?
Microeconomics and Behavior
Microeconomics and Behavior
Robert Frank 7th Edition
Chapter 2, Problem 1 ↓

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It means that there are not enough resources to fulfill all the wants and needs of people. Scarcity is a natural condition that exists because resources (like land, labor, and capital) are finite, while human desires are infinite.  Show more…

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