What does the concept of scarcity imply in economies a) Unlimited wants and limited resodices b) Abundance of goods and selvices c) Equal distris tribution of wearth d) Avallability of resources exceeding human need

Scarcity in economics fundamentally means that resources are limited while human wants and needs are virtually unlimited. This creates a situation where choices must be made about how to allocate resources most efficiently to satisfy competing demands. Essentially, it’s the reason economics exists; we all can’t have everything we want! In practice, scarcity forces societies and individuals to prioritize their needs and make strategic decisions about production and consumption. This can lead to innovative approaches, such as shifting to sustainable resources or developing new technologies, which can help manage and mitigate scarcity over time. After all, necessity is the mother of invention!