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What does the concept of scarcity explain? Check all that apply.

why a product could lose significant value over time.
why people continue to purchase different products.
why consumers are willing to pay high prices for items.
why decisions must be made on how to use resources
why resources can be both renewable and nonrenewable.
why a single resource has more value than another resource.

Respuesta :

anitakury98

Scarcity covers the concept of the gap between limited resources and theoretically limitless wants. This requires a new adaptation of the allocation of resources in an efficient way to satisfy basic needs and extra wants demanded. In other words, it refers to limitation in a situation with unlimited human wants causing a problem because we live in a world with limit resources. So the correct answers are C, D and F.

In economics, scarcity occurs when the demand for a resource exceeds supply of that resource because resources are finite. Due to scarcity, consumers must decide how to best deploy resources in order to meet all essential necessities and as many wants as feasible.

The options that explain the concept and notion of scarcity are C, D, and F:

  • Option C is the correct answer because the supply of all valuable resources is finite. People's wants and demands are limitless. Because resources are limited, we are willing to pay for them. Individuals are forced to make decisions because of shortage.

  • Options D and F are correct answers because one of the most important notions in economics is scarcity. It signifies that the demand for a service or product exceeds the supply of that product or service. As a result, scarcity might limit the options available to customers, who make up the economy in the end.

  • Options A, B, and E are incorrect answers because scarcity does not depict the loss of value or differential purchases or about the renewable and non-renewable resources because the geographical term scarcity refers to the usage of natural resources and depletion of them.

For more information regarding the notion of Scarcity, refer to the link:

https://brainly.com/question/4763666

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