How is scarcity different from shortages?

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asked Mar 13, 2020 158k views

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Hele · Answer 1 · 2020-03-17T15:08:21+0000

scarcity is a naturally occuring limitation on a resource that can't be replenished and shortage is when the amount demanded is greater than the amount supplied. Scarcity would be like diamonds and a shortage would be like out of stock light bulbs

How is scarcity different from shortages?

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