Answered

1. Read the following statements carefully and choose the correct alternative:

Statement 1: Scarcity is universal as every individual, organization, and economy faces scarcity of resources.
Statement 2: There would have been no economic problem if resources were not scarce.

Alternatives:
A. Both statements are true.
B. Both statements are false.
C. Statement 1 is true and Statement 2 is false.
D. Statement 2 is true and Statement 1 is false.



Answer :

GinnyAnswer

Final answer:

The concept of scarcity in economics explains why choices need to be made due to limited resources.


Explanation:

Scarcity is the fundamental concept in economics as it arises due to unlimited wants and needs but limited resources. The concept of scarcity necessitates individuals, organizations, and economies to make choices because they cannot have everything they desire with the limited resources available.


Learn more about Scarcity in Economics here:

https://brainly.com/question/17430147


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