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Question
The key word that can be used to describe the basic economic problem that all societies face is:
The key word that can be used to describe the basic economic problem that all societies face is:
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Solution
The correct option is D Scarcity
Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants.Scarcity, or limited resources, is one of the most basic economic problems we face. Scarcity arises where resources are limited and where the wants of society are unlimited. Hence it is required that the resources are efficiently allocated.
Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants.
Scarcity, or limited resources, is one of the most basic economic problems we face. Scarcity arises where resources are limited and where the wants of society are unlimited. Hence it is required that the resources are efficiently allocated.
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