What does it mean to say that a resource is scarce?
Choose 1 answer:
(A) A society does not have enough money to purchase this resource.
(B) There is not enough of this resource to satisfy all the wants and needs of a society.
(c) The resource is no longer available.
(D) There is an unlimited amount of the resource available.
(E) Nobody wants to buy this resource.

Question

Accepted Answer

∻Solution∻ ‖ a ⋮ Definition of Scarcity: Scarcity in economics refers to the fundamental problem of having seemingly unlimited human wants in a world of limited resources. ‖ ‖ b ⋮ Resource Limitation: When a resource is scarce, it means there is not enough of it to satisfy all the wants and needs of a society. ‖ ‖ c ⋮ Economic Implications: Scarcity necessitates the allocation of resources and prioritization of needs, leading to economic decision-making and trade-offs. ‖ ∻Answer∻ ⚹ (B) There is not enough of this resource to satisfy all the wants and needs of a society. ⚹ ∻Key Concept∻ ⚹ Scarcity in Economics ⚹ ∻Explanation∻ ⚹ Scarcity means that resources are limited and cannot meet all the demands and needs of society, which forces choices and prioritization in resource allocation. ⚹◊What are some macroeconomic implications of scarce resources in an economy?⍭ Generate me a similar question◊

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