In a small island nation called Econlandia,
the government faces a persistent
challenge in allocating its limited
resources to meet the diverse needs and
desires of its citizens.
Despite the government's efforts, it finds
that the demand for goods and services
consistently exceeds the available
resources. Citizens, too, grapple with
choices between various wants and
needs due to limitations in time and
income.
Which fundamental economic concept
best describes the situation in
Econlandia?
A) Trade off
B) Surplus
C) Scarcity