Question

Which is the BEST definition for scarcity?

A) A limited amount of money in an economic system.


B) When the needs and wants that people have outweigh the amount of resources available to them.


C) A fundamental problem in our society.


D) The ability to choose what you want to produce or sell.

Answer 1

B because if you have more needs or wants then what you have you have a scarce amount of resources