answer the following questions in 100 words minimum:
1.The discussion of scarcity limits it to the resource side. This approach does not recognize that demand is so scarce that sellers spend lots of money to convince consumers to buy their products/services. IHS estimates that advertising activity represented $3.4 trillion (or 19%) of the $18.2 trillion in US GDP in 2014.(p. 11) This means that the US Industry spent almost 1/5th of GDP on advertising to convince people to buy their products and services. This is more than Health Care which is 17% of GDP.
Is this evidence that scarcity also exists on the demand side and not just on the resources side?
2. Does the concept of scarcity apply only to resources or is scarcity also applicable to demand as seen by corporations and sellers of goods and services? For example, human beings are suppliers of labor .
3.According to the Federal Government’s Bureau of Labor Statistics, the Civilian Labor Force Participation Rate (LFPR) stands in March 2020 at 63.2%. That means 26.8% of the labor sellers are unable to find buyers for their labor energy. This is another measure of unemployment.
Is demand for labor scarce or are labor resources scarce in this situation?
Can you think of other examples in which demand rather than supply is scarce??
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more