GENERAL KNOWLEDGE

Detailed explanation-1: -Answer. option D is correct answer because scarcity causes choice and choice implies the decision making relates to usage of limited or rare resources in an economy so if there is no scarcity means there is no choices and no economy.

Detailed explanation-2: -Scarcity, Choice, and Cost All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost.

Detailed explanation-3: -The scarcity principle is an economic theory in which a limited supply of a good results in a mismatch between the desired supply and demand equilibrium. Economic efficiency is an economic state in which every resource is optimally allocated to serve each person in the best way while minimizing waste.

Detailed explanation-4: -In economics scarcity, or paucity, occurs when there is a disparity between the limited availability of a given resource and the demand for that resource. In theory, human wants can be infinite, but there is a finite amount of material resources, meaning there will always be some degree of scarcity.

Detailed explanation-5: -Scarce economic resources include land, capital, natural resources, and labor.