What is an example of something that is 'scarce'?

What is an example of something that is 'scarce'?

• A. Common household items
• B. Limited edition collectibles
• C. Items found everywhere
• D. Enough resources for everyone

Answer: (B)

The correct answer, limited edition collectibles, exemplifies scarcity because these items are produced in a finite quantity, making them less available in the market compared to more common items. Scarcity in economics refers to the condition where resources or goods are in short supply relative to demand. Limited edition collectibles are specifically designed to be rare, which enhances their value and desirability among collectors. In contrast, common household items and items found everywhere are readily available and produced in large quantities, thus they do not meet the criteria for scarcity. Similarly, the mention of 'enough resources for everyone' implies abundance rather than scarcity, as it indicates that resources are not in limited supply. By understanding the unique nature of limited edition collectibles, we recognize why they are a fitting example of a scarce resource.

The correct answer, limited edition collectibles, exemplifies scarcity because these items are produced in a finite quantity, making them less available in the market compared to more common items. Scarcity in economics refers to the condition where resources or goods are in short supply relative to demand. Limited edition collectibles are specifically designed to be rare, which enhances their value and desirability among collectors.

In contrast, common household items and items found everywhere are readily available and produced in large quantities, thus they do not meet the criteria for scarcity. Similarly, the mention of 'enough resources for everyone' implies abundance rather than scarcity, as it indicates that resources are not in limited supply. By understanding the unique nature of limited edition collectibles, we recognize why they are a fitting example of a scarce resource.