Question

Which of these statements describes scarcity?

a. It is a situation in which people cannot pay for goods and services.
b. It is an economic situation where the government has to import items.
c. It is the difference between limited resources and wants and needs.

Answer 1

C -- It is the difference between limited resources and wants and needs.

Explanation:

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Answer 2

The correct answer is c.

Scarcity means that there is a lack of something. So, limited resources would suffice the idea of lacking something, especially compared to the higher wants and needs of the people.