Which of the following best defines scarcity?
A. When people share everything freely
B. When there are unlimited resources for all
C. When there are not enough resources for all wants
D. When everyone is content with what they have
Asked by jesuslauglaug4879
Answer (1)
The correct answer is letter C. Scarcity means that the resources we have (like time, money, or materials) are limited, but our wants are unlimited. This creates the need for choices and trade-offs.