Question

Resources exist in limited supply, and as a result, economics is the study of how societies make the optimal use of resources that are subject to __________.

Answer 1

Scarcity, is the right answer.

Step-by-step explanation:

Scarcity is the correct answer because the scarcity of resources generates the problem of choice. When the resources are limited then the people or producer makes the decision to allocate the resources efficiently. The efficient allocation of resources results in the efficient and longer use of resources. For example, petroleum is a scarce resource, if the use of petroleum will not be efficient then it will exhaust very rapidly. While, if its use will be efficient then it will be available for a longer period and many people may enjoy or consume these resources in the future.Type a message