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A foreign country begins exporting the product in high volume.
one of only two factories that made the product shuts down
Ap#x Economics 1.1.4
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Which economic condition would most likely cause the price of a product to rise?
scarcity
Whi is scarcity important in economics?
Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.
What situation would probably produce a trade deficit for a country?
If a natural disaster created scarcity of a raw material, it could decrease production. If this happens, the country could face a trade deficit and have to import the products.
What does the therm scarcity mean in economics?
Under the broadest meaning, scarcity would mean that there are limits to our resources on this planet. A resource or a commodity that exists as a limited quantity would be said to be scarce.
Would you have to make choices if you had unlimited resources?
unlimited resources would mean that scarcity does not exist. And if scarcity does not exist, then of course, there's no opportunity cost. we can buy anything we want with enough income.
Which economic condition would most likely cause the price of a product to rise?
scarcity
Whi is scarcity important in economics?
Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.
What are some synonyms for scarcity?
Synonyms for scarcity would include shortage, lack, inadequacy.Dearth
George Westinghouse developed a product that would be most helpful in which situation?
stopping a rail car
Shortage and Scarcity?
The word scarcity means that something is hard to obtain. For example, one might see, 'In World War 2 there was a scarcity of photographic film in Britain'. Shortage is more commonly used of essentials, especially food.
What situation would probably produce a trade deficit for a country?
If a natural disaster created scarcity of a raw material, it could decrease production. If this happens, the country could face a trade deficit and have to import the products.
What is market situation analysis?
A market situation analysis is used to analyse the current market or industry in which you would like to launch a new product. It identifies major competitors within that market, therefore allowing you to plan the launch of your new product accordinly.
How do you use the word scarcity in a sentence?
Scarcity is the state of being in a short supply. An example of using it in a sentence would be "The scarcity of water caused the state to pass water rationing laws". The word 'scarcity' is a noun, which functions as the subject of a sentence or clause, and as the object of a verb or a preposition.Examples:A scarcity of good jobs has forced many to relocate. (subject of the sentence)The flood caused a scarcity of housing. (direct object of the verb 'caused')
What does the therm scarcity mean in economics?
Under the broadest meaning, scarcity would mean that there are limits to our resources on this planet. A resource or a commodity that exists as a limited quantity would be said to be scarce.
How do you use scarcity in sentence?
Scarcity is the state of being in a short supply. An example of using it in a sentence would be "The scarcity of water caused the state to pass water rationing laws". The word 'scarcity' is a noun, which functions as the subject of a sentence or clause, and as the object of a verb or a preposition.Examples:A scarcity of good jobs has forced many to relocate. (subject of the sentence)The flood caused a scarcity of housing. (direct object of the verb 'caused')
What is the key to dealing with problems of scarcity?
If people were to take the amount of what they need instead of taking more than they need, then that would help the problem with scarcity.
Would you have to make choices if you had unlimited resources?
unlimited resources would mean that scarcity does not exist. And if scarcity does not exist, then of course, there's no opportunity cost. we can buy anything we want with enough income.
