Question

What is scarcity?

A. the fundamental economic problem of having seemingly limited human wants in a
world of limited resources
B. the fundamental economic problem of having seemingly unlimited human wants in a
world of limited resources
C. the fundamental economic problem of having seemingly unlimited human wants in a
world of unlimited resources
D.None of the Above

Answer 1

The correct answer is A.


Scarcity is the fundamental economic problem of having seemingly limited human wants in a world of limited resources.



This means that there are not enough resources to satisfy all of the wants and needs of individuals and society as a whole. As a result, choices must be made about how to allocate these limited resources in the most efficient and effective way possible.