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

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

Step 1: Understand what 'resources' are. Resources can be anything that people use to satisfy their needs and wants, like water, food, money, and time.
Step 2: Recognize that 'scarcity' means there is not enough of something. In this case, it means there are not enough resources to meet everyone's needs and wants.
Step 3: Combine the two ideas. Resource scarcity means that the resources available are limited compared to the many things people want.
Step 4: Identify that this situation creates a challenge because people have unlimited wants but only limited resources to fulfill them.
Step 5: Conclude that the best description of resource scarcity is the limited availability of resources relative to the unlimited wants of individuals.

No concepts available.