When we say scarcity we refer to ________.

scarcity of productive resources

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scarcity of consumable goods

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scarcity of human capital

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scarcity of funds

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Solution

The correct option is A scarcity of productive resources
When we say scarcity, we refer to the scarcity of productive resources. It is the limited supply of productive resources that constitutes the central problem. The wants of people are unlimited and thus these scarce resources are unable to fulfill all the demands of the economy.

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