Economics · Basic Economic Concepts
Which of the following statements correctly explains the fundamental concept of scarcity in economics?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Scarcity is created artificially by producers to maximize profits
- 2Scarcity exists because resources are limited and have alternative uses✓
- 3Scarcity arises because human wants are limited and easily satisfied
- 4Scarcity exists due to unlimited availability of economic resources
Correct answer
Scarcity exists because resources are limited and have alternative uses
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