Practicing Success
Scarcity for resources arises in which of the following cases? |
Supply for resources > Demand for resources Supply for resources > Desire for resources Supply for resources < Demand for resources Supply for resources < Desire for resources |
Supply for resources < Demand for resources |
Scarcity arises when the demand exceeds supply. So, when the demand for resources exceeds the supply of the resource, the situation of scarcity arises. Also, when we use the term demand, it means the quantity of a commodity that a person is willing and able to buy given the price of the commodity and the money income. We do not consider the desire for the commodity as demand. |