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Compare scarcity with a shortage

Block Type
Knowledge Checkpoint

Knowledge checkpoint: Answer these actual Higher Economics exam questions:

‣
Compare scarcity with a shortage (Worth 2 marks)
Scarcity
Shortage
Unlimited wants
Demand exceeds supply
(1 mark)
Permanent- can never be resolved
Temporary
(1 mark)
Wants never fully satisfied due to human nature
Cured by a rise in price/an increase in supply
(1 mark)
Universal
Limited to a certain market
(1 mark)

(From 2023 Higher Economics Paper Q3(a))