Question

Which statement best describes the economic concept of scarcity?

Answer 1

The correct answer is D. People have unlimited wants and limited resources to fulfill them.

Explanation:

Scarcity is an economic concept that relates the existence of unlimited resources including natural and manufacture products to the human infinite desires. This is because this situation makes resources be scarce and pushes humans to make decisions about how to use the resources available, which affects other economic concepts such as demand, resources management, supply, competition, among others. According to this, the option that best defines this concept is D.