c. scarce for households and scarce for economies.
Explanation:
One of the most popular definitions of economic sciences is that this field studies the allocation of scarce resources. This reference to scarcity is a general consensus that exists within economic scientifics and makes no exceptions: the economy is a virtual entity consititued by households, individuals, firms, government and environment. Is not logical to assume scarcity in the economy and plentiful in the households and viceversa.
The Snob effect is a phenomenon that tries to explain why the demand for a good or service increases in the high-income sector while it decreases substantially in the low-income sector. This scenario is created when people need access to rare or exclusive goods or services.
Answer: Decrease in the short run aggregate supply. increase in long run aggregate supply
Explanation:
assuming the wage stays constant in the short run (price of labour), an increase inflation/general prices will lead to a decrease in the Supply of labour because the current wage is no longer enough to cover the same number of goods people used to buy which will then increase Unemployment. The Labor market will experience a situation where inflation and unemployment are increasing at the same time
The Supply of Labour will increase in the Long run because the wage price will have sufficient time to adjust and increase to a new equilibrium level. .an increase in wage price will increase the quantity of supplied.
United States based firms are moving manufacturing jobs overseas simply because they can get away with paying workers in foreign countries WAY less than in America. They also do not need to follow the strict labor laws and provide benefits to outsourced employees.