Final answer:
Scarcity is defined as a situation where productive resources are insufficient to meet unlimited human wants and needs. The correct answer is 'a. not enough productive resources and unlimited needs.' This condition forces individuals and societies to make choices and confront opportunity costs.
Step-by-step explanation:
Scarcity refers to the fundamental economic problem that arises because resources are finite while human wants are infinite. In particular, scarcity means that there are not enough productive resources to satisfy all human needs and wants. This concept is a cornerstone in the field of economics, which involves the study of how societies utilize limited resources to fulfill unlimited wants and how choices are made to allocate these resources efficiently.
The correct answer to the question is: Scarcity is a. not enough productive resources and unlimited needs. This definition emphasizes that while our resources such as land, labor, capital, and entrepreneurship are limited, our demands for goods and services are virtually unlimited.
Thus, scarcity forces individuals and societies to make choices about how to allocate resources effectively and is associated with the concept of opportunity cost, which refers to the value of the next best alternative foregone by choosing one option over another.