Which statement best explains scarcity?

Type: MCQ • Marks: 1

A. Scarcity means there are no resources

B. Scarcity exists because resources are insufficient to satisfy all wants simultaneously

C. Scarcity means everything is expensive

D. Scarcity means nobody has wants

Explanation

Explanation: Scarcity is relative to the unlimited or numerous wants that compete for limited resources.

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Class 9th Understanding Society India and Beyond, Part I

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