Question

select the correct answer. which of these statements describes scarcity? a. it is a situation in which people cannot pay for goods and services. b. it is an economic situation where the government has to import items. c. it is the difference between limited resources and wants and needs.

Explanation:

• Option A: Scarcity is not about people's inability to pay; it's about resource - want mismatch. So A is incorrect.
• Option B: Government importing items is a trade - related action, not the definition of scarcity. So B is incorrect.
• Option C: By definition, scarcity occurs when limited resources are not enough to satisfy unlimited wants and needs, which is the difference between limited resources and wants/needs. So C is correct.

Answer:

C. It is the difference between limited resources and wants and needs.