Q

QuestionEconomics

Scarcity is a fundamental economic concept that describes the basic economic problem of having limited resources to meet unlimited human wants and needs. This means that resources are finite, while human desires are essentially infinite.

Option A: "Resources are unlimited but there is a scarcity of uses for them" - This is incorrect because resources are NOT unlimited - The core of scarcity is that resources ARE limited Option B: "Resources are scarce when compared to the demand for them" - This precisely captures the economic definition of scarcity - It highlights that the quantity of resources is less than the total demand - This creates the fundamental economic challenge of making choices and trade-offs Option C: "There is a scarcity of funding for resource conservation" - This is too narrow and specific - It doesn't address the broader economic concept of scarcity Option D: "Resources and resource needs are equally scarce" - This is logically inconsistent - If needs were equally scarce as resources, there would be no scarcity problem

The correct answer is B: Resources are scarce when compared to the demand for them.