What is The Difference Between Scarcity And Shortage in Economics

What is The Difference Between Scarcity And Shortage in Economics

The economy defines scarcity—as when there are more resources and less demand, the supply exceeds the demand. But when it comes to the economy, there are two types of shortages: scarcity and shortage. Scarcity refers to the availability of something created or manufactured in the world. It is a shortage because there is not enough … Read more