Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
Unlimited resources available to everyone
B
A situation where resources are insufficient to meet all wants
C
The abundance of goods and services in a market
D
The ability of consumers to purchase any product they desire
Understanding the Answer
Let's break down why this is correct
Answer
Scarcity in economics refers to the idea that there are not enough resources to satisfy all our wants and needs. This means that while we may have many desires, the resources like money, time, and materials are limited. For example, if a farmer has only a small amount of land, they cannot grow enough food to feed everyone who needs it, leading to choices about what to plant and how much to sell. Because of scarcity, people and societies must make decisions about how to use their resources wisely. This concept helps us understand why we sometimes have to prioritize certain needs over others.
Detailed Explanation
Scarcity means there are not enough resources to satisfy everyone's wants. Other options are incorrect because This option suggests there are endless resources for everyone; This choice talks about having lots of goods and services.
Key Concepts
scarcity
Topic
Impact of Limited Resources
Difficulty
easy level question
Cognitive Level
understand
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