Question

scarcity exists when there are ______ resources available to satisfy all the competing uses.
○ no
○ just enough
○ not enough
○ too many
question 2
1 pts
which of the following is not one of the categories of economic resources?
○ land
○ capital
○ labor
○ money

Explanation:

Question 1

Scarcity in economics is defined as a situation where the available resources are insufficient to satisfy all the competing needs and wants. "No" resources would be an extreme case, "just enough" would mean no scarcity, and "too many" is the opposite of scarcity. So the correct option is the one that says there are not enough resources.

The traditional categories of economic resources (factors of production) are Land (natural resources), Labor (human effort), and Capital (tools, machinery, etc.). Money is not considered an economic resource as it is a medium of exchange used to acquire resources, not a resource itself.

Answer:

C. not enough

Question 2