Scarcity is a situation in which resources are limited in quantity and can be used in different ways.

Name: Scarcity is a situation in which resources are limited in quantity and can be used in different ways.
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Quizplus · Accepted Answer

Scarcity is defined as a situation where there are limited resources, and the demand for these resources exceeds their supply. This means that resources cannot be used for all possible purposes, and choices must be made about how to allocate them.

Scarcity Is a Situation in Which Resources Are Limited in Quantity