Home
Boards
Past Papers
Blog
Back to Basic Economic Problem and Scarcity
Question 1 of 5
Score: 0/—
Which of the following best defines the concept of scarcity in economics?
A
A situation where there is not enough money in the economy.
B
A situation where human wants for goods and services exceed the available resources.
C
A situation where a country's exports are less than its imports.
D
A situation where the government has a large budget deficit.