how does scarcity determine the economic value of an item?\nby the amount of goods that are produced\nby the…

how does scarcity determine the economic value of an item?\nby the amount of goods that are produced\nby the capital required to build the factory\nby the unlimited wants of the consumers\nby the resources consumed in production

how does scarcity determine the economic value of an item?\nby the amount of goods that are produced\nby the capital required to build the factory\nby the unlimited wants of the consumers\nby the resources consumed in production

Answer

Answer:

by the unlimited wants of the consumers

Brief Explanations:

Scarcity exists as resources are limited while consumer wants are unlimited. This drives economic value as the more a good is desired relative to its availability (due to unlimited wants), the higher its economic value.