ECONOMICS
SCARCITY
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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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Either A or B
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None of the above
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Detailed explanation-1: -The Basic Problem-Scarcity 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: -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: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.
Detailed explanation-4: -Scarcity is a situation where the available resources are limited (not enough) to meet the unlimited needs of people.