Question

The economic concept of scarcity refers to the idea that:
A. people develop valuable knowledge and skills over their lifetimes.
B. people should take more risks when creating new businesses.
C. people use many different factors of production to make goods.
D. people have limited resources to fulfill their unlimited wants.
SUBMIT

Answer 1

People have limited resources to fulfill their unlimited wants is the economic concept of scarcity.

What is the concept of scarcity of resources?

Scarcity of resources is the limited resources for everyone from which people has to choose the maximum satisfaction product that a person get after consumption of the resources. As people have limited resources and unlimited want.

Thus, option D is correct.

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