Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
The unlimited availability of resources
B
The imbalance between limited resources and unlimited wants
C
The efficient allocation of resources
D
The government's control over resources
Understanding the Answer
Let's break down why this is correct
Answer
Economic scarcity refers to the situation where there are limited resources to meet unlimited wants and needs. This means that no matter how much we want something, there isn’t enough of it available for everyone. For example, if a farmer can only grow a certain amount of food each year, but there are many people who need to eat, there will be a scarcity of food if demand exceeds supply. This scarcity forces us to make choices about how to use our resources wisely, as we cannot have everything we desire. Understanding economic scarcity helps us appreciate the importance of prioritizing our needs and finding the best ways to use what we have.
Detailed Explanation
Economic scarcity happens when we have limited resources but many wants. Other options are incorrect because Some might think resources are always available in large amounts; People might confuse scarcity with using resources well.
Key Concepts
scarcity
Topic
Understanding Economic Scarcity
Difficulty
easy level question
Cognitive Level
understand
Ready to Master More Topics?
Join thousands of students using Seekh's interactive learning platform to excel in their studies with personalized practice and detailed explanations.