Question

Scarcity is a central issue in economics because ______________________. A. Basic needs can always be met by decreasing wants. B. All resources are limited and cannot meet all needs and wants C. All wants can be satisfied by first meeting all needs

Answer 1

I would say B. All resources are limited and cannot meet all needs and wants hence the term first come first serve also timing and who has the most to obtain that resource at the given time.