Question

What is scarcity?

-the idea that all resources are limited
-the idea that some resources are limited
-the amount that people want a certain good or service to be
-the difference between the income and expenses of a government

Answer 1

[AI-generated answer — Bot GPT 3.5]

The idea that all resources are limited. Scarcity refers to the fundamental economic problem of having unlimited wants and needs in a world of limited resources. It is the condition where there are not enough resources available to fulfill all the desired uses or demand for a particular good or service.

Answer 2

[AI-generated answer — Step-by-Step Bot]

Scarcity is the idea that all resources are limited, not just some resources. It refers to the fundamental problem of having unlimited wants and needs in a world with limited resources. Due to scarcity, individuals, businesses, and societies must make choices about how to allocate these limited resources in order to satisfy their needs and wants.