Economic Awareness - Sectors of Indian Economy
In economics, scarcity refers to the condition where:
In economics, scarcity refers to the condition where:
easy Q11 of 15
Step-by-Step Solution
Step 1: Identify the concept
The question tests the definition of scarcity.Step 2: Apply the definition
Scarcity is the situation where unlimited human wants exceed limited available resources.Final Answer:
Human wants exceed the available resources → Option BQuick Check:
Scarcity = wants exceed resources ✅
Quick Trick: Wants > resources = scarcity.
Common Mistakes:
MISTAKES- Confusing scarcity with price increases or policy controls.
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