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

Practice Questions

Q1
Which of the following best describes the term 'resource scarcity'? (2023)
  1. The abundance of resources available for allocation
  2. The limited availability of resources in comparison to the demand for them
  3. The efficient use of resources in production
  4. The equal distribution of resources among all sectors

Questions & Step-by-Step Solutions

Which of the following best describes the term 'resource scarcity'? (2023)
  • Step 1: Understand what 'resources' are. Resources can be anything we use, like water, food, or money.
  • Step 2: Recognize that 'scarcity' means there is not enough of something.
  • Step 3: Combine these ideas: 'resource scarcity' means there are limited resources available.
  • Step 4: Think about demand: This is how much people want or need those resources.
  • Step 5: Realize that when demand is higher than the available resources, we have resource scarcity.
  • Step 6: Understand that because of resource scarcity, we need to decide how to use our resources wisely.
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