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Which of the following best describes 'resource scarcity'? (2023)

Practice Questions

1 question
Q1
Which of the following best describes 'resource scarcity'? (2023)
  1. The abundance of resources available for consumption.
  2. The limited availability of resources in comparison to unlimited wants.
  3. The efficient use of resources to meet demands.
  4. The equal distribution of resources among all individuals.

Questions & Step-by-step Solutions

1 item
Q
Q: Which of the following best describes 'resource scarcity'? (2023)
Solution: Resource scarcity refers to the limited availability of resources relative to the unlimited wants of individuals, making option 1 correct.
Steps: 0

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