12. Scarcity is a situation in which:

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When considering the concept of scarcity, we start from the basic idea that resources are limited while human wants are unlimited. This means there isn’t enough to satisfy every desire at once.
Option 1: 'People can’t satisfy all their wants.' This aligns with the fundamental definition of scarcity, recognizing the gap between limited resources and unlimited wants.
Option 2: 'Most people can get only bare necessities.' While scarcity often forces prioritization, saying most people can only obtain bare necessities is an overgeneralization and ignores the varying levels of resources and preferences across individuals and societies.
Option 3: 'People can satisfy all their wants.' This contradicts the core idea of scarcity, which asserts that not all wants can be met due to finite resources.
Option 4: 'Some people can get all what they want and some can’t.' This statement introduces a normative or distributive claim about inequality, but scarcity itself is a condition of limited resources; it doesn’t by itself specify that everyone will or will not have all wants met, so it is not a precise definition of scarcity.

25FAL-ECO-8-48630 Midterm Exam [ Thu, 10/16 by 11:59pm] MODULES[1 TO 5]

12. Scarcity is a situation in which:

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