Economic Awareness - Sectors of Indian Economy
Which of the following best explains the concept of 'Scarcity' in economics?
Which of the following best explains the concept of 'Scarcity' in economics?
medium Q6 of 15
Step-by-Step Solution
Step 1: Understand scarcity
Scarcity in economics means that resources are limited while human wants are unlimited.Step 2: Evaluate options
Limited resources available to satisfy unlimited wants correctly states the concept of scarcity. Unlimited resources available to satisfy limited wants reverses the idea. Resources are abundant and easily accessible implies abundance, while equal availability of resources and wants suggests no imbalance, both denying scarcity.Final Answer:
Limited resources available to satisfy unlimited wants → Option DQuick Check:
Scarcity = limited resources, unlimited wants ✅
Quick Trick: Scarcity = limited resources vs unlimited wants.
Common Mistakes:
MISTAKES- Confusing scarcity with abundance or equality.
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