Question
What is scarcity A act setting up a business to make a profit B The production on more goods and service over time C The gap between limited resources and unlimited once and needs D The things needed to produce goods and service
Answers
GPT-4o mini
The correct answer is **C: The gap between limited resources and unlimited wants and needs.**
Scarcity refers to the basic economic problem that arises because resources are limited while wants and needs are virtually unlimited. This necessitates making choices about how to allocate resources effectively.
Scarcity refers to the basic economic problem that arises because resources are limited while wants and needs are virtually unlimited. This necessitates making choices about how to allocate resources effectively.