Business Finance
What determines whether or not a resource is scarce?

Question Description

What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?





Final Answer

Attached.

Surname 1

Name of student
Professor’s name
Course title
Date
Economics
1. Scarcity is determined by availability; if a resource is limited in nature, it is scarce by
definition. Economics is the study of the use of scarce resources in the most efficient manner to
produce goods and services. In economics, scarcity is, therefore, the central problem that
economists attempt to solve.
2. Vertical integration occurs when firms take control over the production and/or distribution
steps that are crucial in the production of a company’ goods or services. When a company
integrates backward, i...

Rehema74 (5989)
New York University

Anonymous
I was on a very tight deadline but thanks to Studypool I was able to deliver my assignment on time.

Anonymous
The tutor was pretty knowledgeable, efficient and polite. Great service!

Anonymous
Heard about Studypool for a while and finally tried it. Glad I did caus this was really helpful.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4
Similar Questions
Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors