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What does the concept of scarcity in economics refer to? 
a.unlimited resources and limited wants
b.limited resources and unlimited wants
c.the fact that resources can sometimes be limited
d.a shortage of food 

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Vaishnavi Kanukurti
Vaishnavi KanukurtiLv10
1 Oct 2020
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Related questions

Explain the difference between poverty and scarcity.

Explain the difference between poverty and scarcity.

Poor, Poverty and Scarcity are all terms that refer to a situation in which a person’s necessities are left unfulfilled.

• A person can be called poor when they earn an income that does not fully cover all their necessities.

• A person in poverty is someone who is merely trying to survive. People in poverty may not even have the very basic necessities in life, including food, clothing and shelter.

• Scarcity refers to a lack in the amount of resources available. Scarcity arises as a result of people having wants that are unlimited, but resources are limited in supply.

The term scarcity in economics refers to the fact that:

a. Economic wants are limited and resources are abused.

b. Even in the riches country some people go hungry.

c. No country can produce enough products to satisfy everybody's economic wants.

d. It is impossible to produce too much of any particular good or service in a market economy.

1) A basic underlying point in economics is that A) people have unlimited wants in the face of limited resources. B) there are unlimited resources. C) governments should satisfy the needs of the people. D) people have limited wants in the face of limited resources. E) governments should never interfere in the workings of a market economy. With a budget of $200 million, the government can choose to purchase 4 helicopters or repair 200 km of highway. Search and Rescue Helicopters 50 100 150 200 Kilometres of Highway Reconstruction FIGURE 1-1

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