GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An unlimited amount of resources to meet limited wants and needs
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A limited amount of resources to meet unlimited wants and needs.
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When people use time and energy to create events
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a city where individuals commit themselves to unlimited wants and needs
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Detailed explanation-1: -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-2: -Scarcity of resources’ implies that there are unlimited wants to be fulfilled by limited resources which leads to the lesser supply of resources as compared to the demand for them. The basic concern of an economy is to allocate the scarce resources to the best possible use in order to satisfy maximum wants.
Detailed explanation-3: -Term. Definition. Scarcity. The fact that there is a limited amount of resources to satisfy unlimited wants.
Detailed explanation-4: -In general, scarcity refers to the idea that resources are limited, but our wants and needs are unlimited. Scarcity is the concept that resources are only available in limited supply, whereas society’s demand for those resources is unlimited.
Detailed explanation-5: -d. A scarcity occurs when there are limited quantities to meet unlimited wants, and a shortage occurs when a good or service is unavailable.