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11.1.4 Quiz: Basic Economic Principles
Question 8 of 10

Which statement best describes the economic concept of scarcity?

A. People can invest in both physical and human forms of capital.
B. People are free to make money by becoming entrepreneurs.
C. People have unlimited wants and limited resources to fulfill them.
D. People can use many different factors of production to make goods.

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Answer :

GinnyAnswer

Final answer:

Scarcity is a core concept in economics, emphasizing the limited resources available to satisfy unlimited human wants.


Explanation:

Scarcity is a fundamental concept in economics, highlighting the imbalance between unlimited human wants and limited resources available to fulfill them. Individuals, regardless of wealth, face the reality that they cannot have everything they desire due to scarcity.

Resources like labor, tools, and time are finite, leading to the necessity of making decisions on how to allocate these scarce resources efficiently. Scarcity drives decision-making processes in various aspects of life, from personal choices to business and societal decisions.


Learn more about Scarcity in Economics here:

https://brainly.com/question/17430147


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