[amp_mcq option1=”Unlimited needs” option2=”Alternative use of resources” option3=”Scarcity” option4=”None of these” correct=”option3″]<\/p>\n
The correct answer is: C. Scarcity<\/strong><\/p>\n Scarcity is the fundamental economic problem of having limited resources and unlimited wants. It means that there is not enough of everything to satisfy all human wants. This means that people have to make choices about how to use their resources.<\/p>\n Unlimited needs is not the mother of central economic problems because needs are not the same as wants. Needs are things that are essential for survival, such as food, water, and shelter. Wants are things that people desire but do not need to survive, such as a new car or a fancy house.<\/p>\n Alternative use of resources is not the mother of central economic problems because it is not a problem in itself. It is simply a fact of life that resources can be used for different purposes. The problem is that there are not enough resources to satisfy all human wants, so people have to make choices about how to use them.<\/p>\n None of these is not the correct answer because it is not a possible option.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”Unlimited needs” option2=”Alternative use of resources” option3=”Scarcity” option4=”None of these” correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-46101","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n