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Question: Explain what shortage is in economics and provide a real world example
Asked by gladoroth3000
Shortage in economics is when the demand for a good or service is greater than the supply. A real world example of a shortage is the shortage of ventilators during the start of the COVID-19 pandemic. As the demand for life-saving ventilators increased due to a rising number of cases, the supply was unable to keep up, resulting in a shortage in the market. As a result, many hospitals and medical centers around the world had to ration their ventilator usage.
Answered by text-davinci-003
Jan. 11, 2023, 5:47 p.m.
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