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Scarcity in economics means?

Economics
JAMB 2020

Scarcity in economics means?

  • A. human wants are limitless
  • B. the economy has very few resources
  • C. the economy can scarcely produce anything
  • D. resources are limited in relation to wants
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Correct Answer: Option D
Explanation

Scarcity in economics means the available resources needed to satisfy human wants are limited, hence people are required to judiciously or efficiently allocate the scarce resources to meet the needs of society.

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