Question

Which statements accurately show the concept of scarcity? Check all that apply. There is a drought in the middle of growing season that has affected corn crops. An individual is not able to purchase a newly released video because of limited supply A family is selling apples they have grown on their farm because they have too many to eat themselves. An individual wants to buy a new car because his is old. An individual decides that she needs to obtain a second job to save money to purchase a house.

Answer 1

the answer to the question is A, B, and E.

Answer 2

The statements that accurately show the concept of scarcity are;

• There is a drought in the middle of growing season that has affected corn crops.
• An individual is not able to purchase a newly released video because of limited supply
• An individual decides that she needs to obtain a second job to save money to purchase a house.

Scarcity is a condition of resources being scarce or in limited amount to satisfy subjective wants and needs. Scarcity also involves a person's inadequate resources to purchase commodities. Scarcity differs from one place to another and an object is considered scarce if it is expensive and is available in limited amounts, or its cost of production is high.