BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.
Detailed explanation-2: -Therefore, scarcity of resources is a cause of economic problems and is linked to each other. Hence the given statement is False.
Detailed explanation-3: -Answer and Explanation: Wants and need are directly affected by the scarcity of resources. As the resources get scarce in nature and the alternate of that resource is either not available or has a very high switching cost then, need and wants of that particular resource increase dramatically.