What is the difference between a shortage and a scarcity

Posted By Admin @ September 03, 2022


What is the difference between scarcity and shortage?

A.Scarcity is temporary while a shortage is permanent.B.Scarcity occurs when goods and services are low because prices are high.C.Shortages are temporary while scarcity always exists because there will always be a greater need for limited resources.D.A shortage will always exist because when a drought kills crops, those crops are not salvageable, scarcities are temporary.



C- Shortages are temporary while scarcity always exists because there will always be a greater need for limited resources.


Shortage is when the quantity available is short compared with the demand at that time. It breaks the balance of the market by adding more demand than the supply existing. The situation would continue until the demand decrease, then it all should be back to normality. That is why shortage is temporally

Scarcity, on the other hand, means that something is uncommon and the availability of it is limited naturally. Scarcity is permanent because these types of resources are hard to find or produce.

I hope this answer helps you.

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