Scarcity can best be defined as a situation in which:

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Scarcity refers to the limitation of resources, which creates a situation where all wants and needs cannot be satisfied. This means that there are not enough resources available to produce all the goods and services that people want, which creates competition for these resources. This competition, in turn, leads to trade-offs, where choices must be made about which goods and services to produce and distribute. This is why scarcity is often considered the fundamental problem in economics.

Scarcity Can Best Be Defined as a Situation in Which