Scarcity and shortages differ in that A. scarcity is a condition of human life while shortages are usually temporary phenomena related to an imbalance between the amount desired and the amount produced. B. shortages apply to resource markets while scarcity applies to product markets. C. scarcity is a type of shortage but shortage is a broader concept. D. scarcity is caused by natural disasters and shortages are caused by mistakes people make.

Scarcity and shortages differ in that scarcity is a condition of human life while shortages are usually temporary phenomena related to an imbalance between the amount desired and the amount produced.

Explanation:

The two words Scarcity and shortages may be easily confused since they referer to similar concepts but they have different explanation in how are they used, then when we want to talk about a natural limitation of something that can not be "restock" while scarcity refers to something that can be restocked since is a material product made by man and is a term that can be used in goods and items.