Question

Scarcity

Part 2
A.
is the same thing in economic terminology as a shortage.
B.
results from unlimited wants coupled with limited resources.
C.
can be eliminated with improvements in technology.
D.
results from unlimited resources coupled with limited wants.

Answer 1

[AI-generated answer — Bot GPT 3.5]

B. results from unlimited wants coupled with limited resources.

Answer 2

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

The correct answer is B. Scarcity results from unlimited wants coupled with limited resources. Scarcity refers to the condition of having limited resources to fulfill unlimited human wants and needs. It is a fundamental concept in economics and is the reason why choices have to be made regarding the allocation of resources.