GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Scarcity means:
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Too much of something you wanted
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The exact amount of something you wanted
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Not enough of something you wanted
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None of the above
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Explanation:
Detailed explanation-1: -Children also need to understand the concept of scarcity, which means they have unlimited wants and limited resources to meet those wants. Scarcity requires people to make choices.
Detailed explanation-2: -Scarcity means human wants for goods and services exceed the available supply. Supply is limited because resources are limited. Demand, however, is virtually unlimited.
Detailed explanation-3: -Key Takeaways. Scarcity is the idea that people have unlimited wants and needs but a limited means to achieve them. Goods, services, time, and ability are examples of things that can create scarcity.
There is 1 question to complete.