APFIVE The Economic Concept of Scarcity
Which of the following best describes the concept of scarcity in economics?
A
Scarcity is the notion that there is a surplus of resources relative to human desires.
B
Scarcity indicates that technology is always behind economic growth.
C
Scarcity is the fundamental economic problem of having limited resources to meet unlimited human wants.
D
Scarcity means that resources are completely insufficient for any economic activity.
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