Scarcity is a condition when humans have infinitive wants but limited resources, therefore not all their wish can be fulfilled, so there is an opportunity cost involved everytime they make a decision to satisfy one wish rather than the other. As an example when they have $10 to spend on a shirt, they will have $10 less to spend on a CD. Opportunity cost is a missed opportunity, an opportunity someone lose when he/she make a choice. It is the second best alternative they have to sacrifice when they decide to choose something rather than the other.
Scarcity forced us to make a choice, as there are not enough resources to fulfill all of our desires. When we make a choice, we forgone the next best alternative, and that is the opportunity cost of d
Limited resources caused scarcity, therefore it is valued. We can’t have everything we want, as it is not possible, and we do not have enough resources. We have to make a choice between a lot of things, and lose the next best alternative everytime we do so. Resources is scarce in a way that we cannot get them at a zero price. We have to pay an opportunity cost everytime we choose what we want or what we do.
Scarcity will last forever, and shortage is not. Scarcity is a reality of live, and it exists all the time, and it is the same for everyone, no matter how much power or money we have. Scarcity cannot be solved.
Scarcity is not the same as a shortage. Scarcity is a condition where demand for something exceed the number of them can be suppli
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