Question

making informed financial dec
scarcity
economics is the study and practice of making
a world of limited resources (scarcity). scarcity
and is a key concept in decision making. scarci
to a number of things such as money, employe
etc., and means the demand is greater than the
availability. scarcity drives demand. if the demand is high
but the item is scarce, the price of that item increases.

opportunity cost
opportunity cost represents the potential benefits an
individual, investor, or business misses out on when
choosing one alternative over another. opportunity costs
help people make better choices primarily by considering
the alternatives. lost time, production and finances are
examples of opportunity costs. those costs are forward
looking and not limited to monetary or financial costs.

when the demand for a good or service is
greater than the availability of that good or
service you have which of the following?

opportunity cost

no impact

scarcity

Explanation:

From the provided text, scarcity is defined as a situation where the demand for a good or service is greater than its availability. Opportunity cost is about missed benefits from choosing one alternative, and "no impact" is incorrect as demand exceeding availability has an impact (like price increase as per the text). So the correct option is the one matching the definition of scarcity.

Answer:

scarcity