The term scarcity of resources means ____________.

limited resources

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unlimited resources

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non-existence of resources

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all of the above

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Solution

The correct option is D limited resources
Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, to satisfy basic needs and as many additional wants as possible.
Scarcity dictates that economic decisions must be made regularly to manage the availability of resources to meet human needs.

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