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QuestionEconomics

Which of the following best describes the concept of scarcity? A. Resources are unlimited but there is a scarcity of uses for them. B. Resources are scarce when compared to the demand for them. C. There is a scarcity of funding for resource conservation. D. Resources and resource needs are equally scarce.
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Answer

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Step 1
I'll solve this economics concept problem step by step:

Step 2
: Understand the Definition of Scarcity

Scarcity is a fundamental economic concept that describes the basic economic problem of having limited resources to meet unlimited human wants and needs. This means that resources are finite, while human desires are essentially infinite.

Final Answer

B is the most accurate description of the economic concept of scarcity.

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