_______ is a situation in which resources are limited in quantity and can be used in different ways.
A) Scarcity
B) Choice
C) Economics
D) Supply and demand

Question

Quizplus · Accepted Answer

Scarcity refers to the limited quantity of resources available for use, which results in the need for individuals and societies to make choices about how to allocate those resources. This concept is central to the study of economics, which examines how individuals and societies use resources to meet their needs and wants.

_______ Is a Situation in Which Resources Are Limited in Quantity