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Anonymous
ANSWERS: 3
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Te more scarce a resource is, then the higher the price for it will rise, there will be less consumer surplus, as with a smaller amount being able to be supplied the supply curve will shift to the left. You could also look at long term problems relating to forecasting, the inability to maximise the utility of the good. Scarcity is an issue where there is no alternative.
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Scarcity is the raison d'être of economics. If everything is in abundance there would be no need for economics. Scarcity prompts economists to find ways how to allocate limited resources so that they give maximum benefit to as many people as possible.
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Scarcity just means that there is not an unlimited supply of everything. Economics at its most basic level is about allocation choices and exchange of goods and services, and if there were infinite amounts of things, those things would not inherently not factor into economics as everyone would have them and no choices or allocation decisions would need to be made.
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