You like to read GQ (Gentlemen's Quarterly) and Golf Digest. You have only $6 to spend and can buy only one magazine, so you buy only Golf Digest. Which economic concept does this statement BEST represent?
A)scarcity
B)equilibrium
C)the marginal principle
D)specialization

Question

Quizplus · Accepted Answer

The statement represents the economic concept of scarcity, which means that there are limited resources (in this case, money) to fulfill unlimited wants (in this case, the desire to buy both GQ and Golf Digest). The person has to make a choice based on their limited budget, which is a common situation in economics.

You Like to Read GQ (Gentlemen's Quarterly) and Golf Digest