Block TypeKnowledge Checkpoint Knowledge checkpoint: Answer these actual Higher Economics exam questions:‣Compare scarcity with a shortage (Worth 2 marks)ScarcityShortageUnlimited wantsDemand exceeds supply(1 mark)Permanent- can never be resolvedTemporary(1 mark)Wants never fully satisfied due to human natureCured by a rise in price/an increase in supply(1 mark)UniversalLimited to a certain market(1 mark)(From 2023 Higher Economics Paper Q3(a))