You like to read Vogue and Sports Illustrated.You have only $5 to spend,so you buy only Sports Illustrated.Which economic concept does this statement BEST represent?
A) Scarcity
B) Equilibrium
C) Marginal analysis
D) Specialization

Question

Quizplus · Accepted Answer

This statement best represents the economic concept of scarcity, as it presents a situation where the individual has limited resources (in this case, a limited budget) and must make a choice between two desirable options (buying Vogue and Sports Illustrated). The fact that the individual can only afford one option highlights the reality of scarcity, where unlimited wants and needs cannot be satisfied with limited resources.

You Like to Read Vogue and Sports Illustrated