What is Scarcity?(1 point)

Question

Responses

too much product
too much product

physical limit of raw materials, equipment, and labor needed to produce a limited number of products.
physical limit of raw materials, equipment, and labor needed to produce a limited number of products.

not enough global trade to get items where they need to be
not enough global trade to get items where they need to be

none of these

Answer 1

Scarcity refers to the physical limit of raw materials, equipment, and labor needed to produce a limited number of products. Therefore, the correct response is:

physical limit of raw materials, equipment, and labor needed to produce a limited number of products.