Scarcity in economics means?
ECONOMICSJAMB 2020
Scarcity in economics means?
- A. human wants are limitless
- B. the economy has very few resources
- C. the economy can scarcely produce anything
- D. resources are limited in relation to wants
Correct Answer: D. resources are limited in relation to wants
Explanation
Scarcity in economics means the available resources needed to satisfy human wants are limited, hence people are required to judiciously or efficiently allocate the scarce resources to meet the needs of society.
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