Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
Scarcity requires individuals and societies to make choices about resource allocation.
B
Scarcity refers only to physical shortages of goods and services.
C
Scarcity is a condition that exists when resources are limited relative to human wants.
D
Scarcity affects everyone equally, regardless of their economic status.
E
Scarcity is a fundamental concept that influences economic behavior and decision-making.
Understanding the Answer
Let's break down why this is correct
Answer
Scarcity in economics means that there are limited resources available to meet unlimited wants and needs. This situation forces people and societies to make choices about how to use those resources effectively. For example, imagine you have only $10 to spend on either a book or a movie ticket. Because you cannot afford both, you must decide which one you value more at that moment, illustrating how scarcity leads to decision-making. Ultimately, scarcity affects everyone, as it requires prioritizing what is most important when resources are not enough to fulfill all desires.
Detailed Explanation
Scarcity is a key idea in economics. Other options are incorrect because Some might think scarcity only means making choices; This answer suggests scarcity is only about running out of things.
Key Concepts
Scarcity
Resource Allocation
Economic Decision-Making
Topic
Understanding Scarcity
Difficulty
easy level question
Cognitive Level
understand
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