Which situation are economists describing when they use the term scarcity?
A) when one has a surplus of natural resources and/or labor
B) when one does not need to make trade-offs to satisfy one’s needs
C) when one does not have enough resources to satisfy all of one’s wants
D) when one’s wants and needs are fully met
The answer could be either A. or C. I'm leaning more into C. because scarcity means having short supply of something, and having not enough resources doesn't satisfy all of ones needs.
