Foundations of Economics

Institution UNIVERSITY
Course BACHELOR OF ECONOMIC...
Year 1st Year
Semester Unknown
Posted By Brian Mike
File Type pdf
Pages 89 Pages
File Size 2.93 MB
Views 5108
Downloads 0
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People have unlimited wants but resources are limited. Scarcity is a naturally occurring limitation on the resource that cannot be replenished Because of scarcity, various economic decisions must be made to allocate resources efficiently. A shortage occurs whenever quantity demanded is greater than quantity supply at the market price. Over time, the good will be replenished and the shortage condition resolved.
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