Question on: JAMB Economics - 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
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Correct Option: D
Scarcity refers to the basic economic problem, the gap between limited – that is, scarce resources and theoretically limitless wants.
Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity.
Via: Investopedia
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