Question

Scarcity is the condition of not having enough goods and services to satisfy everyone's _____ .

Answer 1

Answer: The answer is wants.

Scarcity is the condition of not having enough goods and services to satisfy everyone's wants.

Explanation:

Scarcity refers to limitless or limited resources to satisfy human wants. It is a fundamental economic problem because the available resources are not enough to satisfy human wants. Scarcity makes people, individuals or humans to take decisions on how to efficiently allocate resources so that their basic needs can be satisfied.

Answer 2

Answer: The correct answer is -Wants.

Explanation: Scarcity can be understood as a lack of resources that prevents people form satisfying their needs and wants.

- It is a gap between resources and wants.

When people have limited resources their needs and wants are difficult to fulfill, thus the condition of scarcity occurs.

A possible solution for scarcity may be acquiring more resources or limiting the needs and wants.