Arrange the following steps in the process of decision-making influenced by economic scarcity: A) Evaluate trade-offs B) Identify unlimited wants C) Prioritize choices D) Recognize limited resources

Economic scarcity means that we have limited resources but unlimited wants. The first step is to identify unlimited wants, which helps us understand what we desire. Next, we recognize limited resources, meaning we have to deal with constraints in what we can use to satisfy our wants. After that, we evaluate trade-offs, where we consider what we have to give up to choose one option over another. Finally, we prioritize choices based on what is most important to us, ensuring we make the best use of our limited resources.