Which of the following best defines scarcity - SS1 Economics Concepts Of Wants, Scarcity, Scale Of Preference, Choice And Opportunity Cost Question
Which of the following best defines scarcity?
A
The unlimited resources available to individuals to satisfy their needs.
B
The situation where the available resources are limited in relation to the wants or needs of individuals.
C
The list of wants or needs that an individual has, arranged in order of priority.
D
The act of selecting one option from several available alternatives.
correct option: b
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