Which of the following is NOT a scarce economic resource?
Choose 1 answer:
(A) Water
(B) Capital
(C) Labor
(D) Land
(E) Money

Question

Accepted Answer

∻Solution by Steps∻ ‖ step 1 ⋮ Identify the concept of scarce economic resources: Scarce economic resources are those that are limited in availability and are used in the production of goods and services. ‖ ‖ step 2 ⋮ Analyze the options given: Water, Capital, Labor, Land, and Money are typically considered scarce resources in economics because their availability is limited and they are required for production. ‖ ‖ step 3 ⋮ Determine which option is not typically considered a scarce economic resource: While all the given options can be scarce, in a general context, water is considered a natural resource that can be abundant in some regions, although it can be scarce in others. However, since the question does not specify the context of scarcity (e.g., regional scarcity), and all other options are universally recognized as economic resources that are limited in supply, we must choose the option that is least likely to be considered scarce in an economic sense. ‖ ∻Answer∻ ***A*** ∻Key Concept∻ ⚹Scarcity in Economics⚹ ∻Explanation∻ ⚹In economics, a scarce resource is one that is limited in availability and is used in the production of goods and services. While water can be scarce, it is not always considered an economic resource in the same way as capital, labor, land, and money, which are universally recognized as scarce economic resources.⚹◊What is the probability of selecting the correct answer by random guessing in a multiple-choice question with 5 answer choices?⍭ Generate me a similar question◊

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