Differences between shortages and scarcity

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Reference no: EM1374149

1-Describe the differences between shortages and scarcity. In answering this question you should think the difference between the short run and the long run in economic analysis.

2-Briefly describe and elaborate on the factors that will be affecting the supply of the following products in the next several years. Do you think these factors will cause the supply to increase or decrease?
a) Crude oil
b) Beef
c) Computer memory chips
d) Hotel rooms
e) Fast food outlets in emerging markets
f) Credit cards issued by financial institutions
g) Laptop computers
h) PC servers

Reference no: EM1374149

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