Types of Economic Scarcity

Capital - Some countries do not have lots of money and that means they can't buy things or have money to support their people by getting them the things they need. 

Labour - Labour shortages are when employers cannot find enough people to work in their particular business. This is because you might need a special skill or the people who own the business might not be able to pay the people to work for them. Another reason is there might not be enough jobs in that area and so lots of people don't work.

Entrepreneurship - Entrepreneurs are people who start businesses for lots of reasons, but they might not have the capital to make a lot of money or not have a lot of resources to be able to get their business off the ground and sell it to other countries to help pay bills. This is a way for people to make money and all the profit they get to keep because they are the one in charge of their business.

Resources - this is where a country might produce a certain item that is demanded for use in other parts of the world, but this resource might run out. Oil and gas are an example of businesses having a resource, but sometimes they don't have enough and then it costs countries and people more money to buy it. This is called supply and demand. If there is lots of something, then what people pay will be less because there is competition, and businesses want to sell their product. If there is not lots of something and lots of people want to buy it or use it, then the amount people have to pay is more because there isn't much of it. 

Land - Land scarcity means that there is not a lot of land to grow food like crops of corn or wheat or have animals and build houses for people to live in. 


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