Chocorrect, a gourmet chocolate manufacturer, imports the best quality cocoa for its chocolates from the country jescavia. however, jescavia has recently stopped exporting cocoa because of the increase in the demand for cocoa in the country. in the context of changing environments, which of the following does this scenario best illustrate?

Correct/Complete Question:

Chocorrect, a gourmet chocolate manufacturer, imports the best quality cocoa for its chocolates from the country Jescavia. However, Jescavia has recently stopped exporting cocoa because of the increase in the demand for cocoa in the country. In the context of changing environments, which of the following does this scenario best illustrate?

1. Discontinuous change

2. Resource scarcity

3. Punctuated equilibrium

4. Buyer dependence

2. Resource Scarcity

Explanation:

Scarcity of resources is an economic situation in which limited resources do not satisfy basic needs. People have to make decisions about how to allocate resources to meet their needs.

Scarcity can be demand-induced, supply-induced or structural.

Demand induced happens when demand increases and supply stays the same. Supply-induced scarcity happens when the supply is low compared to demand. Structural scarcity happens when a part of a population does not have access to certain goods or services because of their location or government situation (politics).

From the above question, it can be seen that there is a demand-induced scarcity of cocoa. This is because the demand for cocoa increased and the supply is still the same.

Cheers.  

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