For some fields, they are seen as synonymous hence they are easy to misinterpret. In economics, scarcity is seen as a natural occurrence. In contrast, a shortage is a market situation usually focusing on a particular item relative to its price. Still, the situation will be reversed with ...
In economics, scarcity is seen as a natural occurrence. In contrast, a shortage is a market situation usually focusing on a particular item relative to its price. Still, the situation will be reversed with time if the causes are addressed. Here are some of the explanations for what is the...
Those employers that cry higher wages will put them out of business must realize that offering low pay will probably put them out of business. What do you see when you step backfrom the “labor shortage?” What’s the fix? Have you stayed out of the job market because employers are low...
by Alex Tabarrok October 16, 2014 at 7:30 am in Economics Law In the 1970s the US faced a serious shock to the supply of oil but the shortage of oil was caused by price controls. Today, California is facing a serious water drought but the shortage of water is caused by price ...