Arrange the following steps in the process of addressing scarcity in economics: A) Identify limited resources, B) Make trade-offs, C) Assess wants and needs, D) Allocate resources.

To address scarcity in economics, we first need to assess wants and needs, which helps us understand what is most important to people. Once we have a clear picture of these wants and needs, we identify the limited resources available to meet them. After that, we make trade-offs, meaning we decide what to give up in order to allocate resources effectively. Finally, we allocate the resources to the chosen options, ensuring that we use them in the best way possible. For example, if a school has a limited budget, it must assess the needs of students, identify resources like teachers and materials, decide between hiring more staff or buying new books, and then allocate the budget accordingly.