Question

PLEASE SOMEONE HELP ME 

1.     What is scarcity, and how does it affect supply and demand in the game of economics?

7.     Give an example of a technology that led to greater productivity and explain how it did so.

Answer 1

Scarcity is when a resource or service becomes less available. The decreased availability means that demands exceeds supply, causing the price to increase.

A very good example of technology that increased productivity is the smartphone. It allows users to browse the internet, check time, communicate and keep notes, decreasing the need for many separate devices.

Answer 2

Answer & Explanation:

If something is scarce, it means that there is a certain shortage or lack of supply. The game of economics is affected because the law of supply and demand are the most important elements in the subject of economics itself.