Identify the missing link: Scarcity, Demand, Supply, ________
Equilibrium
Equilibrium is correct.
The words follow the basic chain of economic thinking. Scarcity means resources are limited compared with wants.
Because goods are scarce, people express demand for them, and producers respond with supply.
When demand and supply interact in a market, the price adjusts until the quantity demanded equals the quantity supplied. This balance point is market equilibrium, the logical last link.
Inflation is a general rise in prices over time, Taxation is a government policy tool, and Monopoly is a market structure with a single seller; none of them is the direct outcome of demand meeting supply.
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