Scarcity is the mother of economics. discuss

Scarcity is how common or rare a specific resource or service is. This is one of the largest driving points in price and availability.

Products and services that are scarce, yet in high demand will fetch a high price. In contrast, a scarce product or service that has low demand will fetch a low price.As scarcity and demand increase, price goes up. As scarcity and demand decrease, price goes down.

To conclude, scarcity is  one of the most influential variables in economics.

all of them make sense but, i would have to say ask someone who has been there/or lives there, and/or read recent newspapers from that city.

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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