BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. Therefore, we have to choose. We have to make trade-offs.

Detailed explanation-2: -Scarcity arises when the demand of a particular good is greater than its supply. It can lead to implications like-limiting the options for people when buying a good. Gold, diamond and precious metals are scarce in the economy. And because they are scarce their prices are shooting up constantly.

Detailed explanation-3: -Answer and Explanation: The correct answer is d. The problem will exist as long as resources are available in limited amounts.

Detailed explanation-4: -The fundamental problem in economics is the issue with the scarcity of resources but unlimited wants. Economics has also pointed out that a man’s needs cannot be fulfilled. The more our needs are fulfilled, the more wants we develop with time. By definition, scarcity implies a limited quantity of resources.

Detailed explanation-5: -Scarcity of resources refers to the situation where resources are limited in quantity and have alternative uses in production of various commodities.