What term can be used to describe 'limited resources'?
Understand the Problem
The question is asking for a term that accurately represents the concept of 'limited resources' among the provided options.
Answer
scarcity
The final answer is scarcity.
Answer for screen readers
The final answer is scarcity.
More Information
The term 'scarcity' in economics describes the finite availability of resources relative to unlimited wants and needs. This forces individuals and societies to make choices and prioritize uses of these resources.
Tips
A common mistake is confusing scarcity with shortage; scarcity is a fundamental economic problem that always exists, whereas a shortage is temporary.
Sources
- What term is used to refer to limited resources - Study.com - homework.study.com
- What Is Scarcity? - Investopedia - investopedia.com
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