Lack of Supply || a five minute prompt

9 days ago

A "lack of supply," also known as a shortage or excess demand, occurs when the demand for a product or service exceeds its supply at the current market price. This means there is not enough available to meet the wants and needs of the consumers. Link.

The lack of supply can be a shortage in production or in the distribution of goods. This can be a major problem because the demand for that good will be excess. In economics, it leads to scarcity of the commodity and this will cause the price of the good to increase indefinitely because of the need for it.

There are various factors responsible for this lack of supply but artificial scarcity is not a good thing in this case. Selfish producers or middlemen can make the lack artificial inorder to get excess profit.

Supply should be constant as people are in need of the goods.

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6 comments

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9 days ago

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8 days ago

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