Question

question 6 of 20
a situation in which a person has unlimited wants but limited resources to fulfill those wants is called ______________.
a. socialism
b. scarcity
c. entrepreneurship
d. specialization

Explanation:

Scarcity is the fundamental economic problem where unlimited human wants face limited resources. Socialism is an economic - political system. Entrepreneurship involves starting new businesses. Specialization is about focusing on a particular area of production.

Answer:

B. scarcity