Question

Which of the following is not an example of resource scarcity? a. There is a finite amount of petroleum in the world. b. Farming communities are experiencing droughts. c. There are not enough physicians to satisfy all desires for health care in the United States. d. Cassette tapes are no longer being produced. e. Teachers would like to have more instructional technology in their classrooms.

Name: Problem 2, Chapter 1: Krugman's Economics for AP
Uploaded: 2023-10-08T09:20:24-08:00
Duration: 2 min 35 s
Channel: Jennifer Stoner
Description: Which of the following is not an example of resource scarcity? a. There is a finite amount of petroleum in the world. b. Farming communities are experiencing droughts. c. There are not enough physicians to satisfy all desires for health care in the United States. d. Cassette tapes are no longer being produced. e. Teachers would like to have more instructional technology in their classrooms.

   Which of the following is not an example of resource scarcity?
a. There is a finite amount of petroleum in the world.
b. Farming communities are experiencing droughts.
c. There are not enough physicians to satisfy all desires for health care in the United States.
d. Cassette tapes are no longer being produced.
e. Teachers would like to have more instructional technology in their classrooms.

Krugman's Economics for AP

Margaret Ray 2nd Edition

Chapter 1, Problem 2

Instant Answer

Solved by Expert Jennifer Stoner

10/08/2023

Step 1

Resource scarcity occurs when the demand for a resource exceeds its supply, leading to a situation where there is not enough of the resource to satisfy all wants and needs. Show more…

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Which of the following is not an example of resource scarcity? a. There is a finite amount of petroleum in the world. b. Farming communities are experiencing droughts. c. There are not enough physicians to satisfy all desires for health care in the United States. d. Cassette tapes are no longer being produced. e. Teachers would like to have more instructional technology in their classrooms.

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Key Concepts

Technological Change

Technological change involves the introduction and evolution of new technologies that can make older products or production processes obsolete. This concept highlights that the discontinuation of an item, such as a product that is no longer produced, may result not from limited resources but from deliberate shifts in consumer demand and innovation.

Resource Scarcity

Resource scarcity is a fundamental economic concept referring to the condition where limited resources are insufficient to satisfy all human wants. This concept examines how finite resources, such as natural resources, labor, or capital, force choices and trade-offs in their allocation to meet various needs and desires.

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