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GCE Economics 1989 Question 1

Question 1

Basic Concepts

Scarcity in Economics means that resources

  1. A.are not enough to share among the producers of goods and services
  2. B.needed to satisfy human wants are limited
  3. C.are never enough to share among consumers of goods and services
  4. D.required to meet our essential wants are unlimited
  5. E.can be managed if those who use them behave rationally.
Show the answer and explanation

Answer: B (needed to satisfy human wants are limited)

Explanation

Scarcity means the resources available to satisfy our many wants are limited.