Question

What economic concept is best represented by a situation where there are only 50 laptops available but 200 people want to buy them?
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1 point
Abundance
Scarcity
Opportunity cost
Specialization

Answer 1

The economic concept best represented by a situation where there are only 50 laptops available but 200 people want to buy them is **Scarcity**. Scarcity occurs when limited resources are unable to meet unlimited wants or needs. In this case, the limited number of laptops (50) is not enough to satisfy the higher demand (200 people wanting to buy them).