GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A gap between unlimited wants and limited resources creates
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scarcity.
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economics.
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wants.
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resources.
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Explanation:
Detailed explanation-1: -Scarcity refers to a gap between limited resources and theoretically limitless wants. The notion of scarcity is that there is never enough (of something) to satisfy all conceivable human wants, even at advanced states of human technology.
Detailed explanation-2: -Scarcity is the gap between limited resources and greater demand. It’s the underpinning of economic theory and several related principles, including opportunity cost, resource allocation, price elasticity and risk. Prices and perceived value rise when resources are scarce and fall when they are abundant.
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