Scarcity in economics means?
...Scarcity in economics means?
Human wants are limitless
The economy has very few resources
The economy can scarcely produce anything
Resources are limited in relation to wants
Correct answer is D
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.
Economic is often described as a science because ...
The fundamental economic problem in every society is ...
All economic systems must decide what to produce because ...
A situation of full employment exist when ...
The term of trade often measured by the ratio of the index of export ...
The quantity of commodity a consumer is willing and able to buy at a particular time is called ...
The market supply curve slopes upwards from left to right indicating that ...
During a sale by auction, the price at which the goods finally sold is determined mostly by ...