Question

Scarcity in economics means that:

there must be poor people in rich countries.
the wants of people are limited.
we do not have sufficient resources to produce all of the goods and services we want.
shortages exist in nearly all markets.

Answer 1

Answer: The people's demand outweighs the available resources

Step-by-step explanation:

Scarcity refers to the situation where the people's demand is beyond the resources available in the market.