Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
The unlimited availability of resources
B
The limited nature of resources compared to human wants
C
The distribution of resources among consumers
D
The efficiency of resource use
Understanding the Answer
Let's break down why this is correct
Answer
In economics, the term 'scarcity' means that there are limited resources to meet unlimited wants and needs. This situation forces people and societies to make choices about how to use their resources wisely. For example, if a farmer has only a small amount of water, they must decide whether to use it for their crops or to raise livestock. Because resources like water, money, and time are not infinite, scarcity drives the need for prioritizing what is most important. Understanding scarcity helps us better appreciate the value of what we have and the decisions we make every day.
Detailed Explanation
Scarcity means there are not enough resources to satisfy all our wants. Other options are incorrect because Some might think scarcity means having plenty of resources; This option confuses scarcity with how resources are shared.
Key Concepts
scarcity
Topic
Resource Allocation and Scarcity
Difficulty
easy level question
Cognitive Level
understand
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