Question

Which of the following scenarios most accuratley reflects the concept of scarcity?

(A) john decides not to purchase a new bike.
(B) anna decides to spend her evening babysitting rather than spending time with friends
(C) ned pays his personal income taxes before the april deadline.
(D) morgan earns an a on her economics erxam

Answer 1

Answer: "(B) anna decides to spend her evening babysitting rather than spending time with friends" reflects the concept of scarcity.".

Explanation: Scarcity is the lack or insufficiency of resources needed to meet a need. This example demonstrates the scarcity of the labor resource.