Scarcity in economics means?
...Scarcity in economics means?
Human wants are limitless
The economy has very few resources
The economy can scarcely produce anything
Resources are limited in relation to wants
Correct answer is D
Scarcity in economics means the available resources needed to satisfy human wants are limited, hence people are required to judiciously or efficiently allocate the scarce resources to meet the needs of society.
One of the factors affecting the supply of manufactured goods is ...
A supply curve parallel to the X-axis indicates ...
The central banks control credit in the economy through the use of ...
Economics is called a social science because it is ...
Progressive system of taxation implies that the ...
The excess profit made by the firm in the short-run is represented by ...
A capitalist economy is one characterized by the ...
Which of the following is the correct order in the chain of distribution? ...
Which would you NOT consider an agro-based industry in Nigeria? ...