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There is scarcity when

Economics
WAEC 2024

There is scarcity when

  • A. the means exceed society's wants.
  • B. demand for resources is greater than its supply.
  • C. productive resources are in excess.
  • D. supply of resources is greater than its demand.
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Correct Answer: Option B
Explanation

B: Scarcity occurs when the demand is greater than supply you meet some- thing (i.e. demand) but no means to satisfy it (scarcity).

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