Using complete sentences, explain (in economic terms) the difference between scarcity and shortage.

Explanation:

Responses will vary. A sample response follows:

Scarcity is used to refer to the idea that, overall in the world, there are not enough resources to meet humans’ unlimited needs and wants.  Scarcity is an on-going condition.  Shortage, on the other hand, refers to a situation caused by an imbalance in supply and demand.  A shortage occurs when producers are not willing or able to supply as much as consumers demand.  A shortage can last a long time or a short time, depending on how long it takes for supply and demand to come into balance.

scarcity an on going condition in the world there are never enough resources to meet eveyones needs or wants.

shortage a situation in which the demand for a good or the service is greater than the amount of supplies in a market.

short term: the shortage of tickets to a popular concert.

long term: national shortage of nurses.

Explanation:

the correct answer is:   "   3.6 % " .

          →   the unemployment rate is:   " 3.6 % " .

explanation:

to calculate the "unemployment rate" :

the "unemployment rate"   =

  [# of people unemployed] /   [working age population]   * 100 %   ;

                =   [9 million] / [250 million]     *   100 % ;

    →     note:   the units of "million" cancel out;

                    since:   " {million} / {million} = 1 " ;

                =   (9 / 250)   * 100 %   ;

                = 0.036 * 100 % ;

                =   3.6 %

answer:   the unemployment rate is:   " 3.6 % " .