The statement that shows about the economic concept of scarcity are as follows:-
- All useful resources are limited in their supply.
- The wants and needs of people are unlimited.
- Resources are scarce, which explains why we are willing to pay for them.
- Because of scarcity, individuals must make choices.
Thus option 1st, 3rd, 4th and 6th are correct.
What is an Economic Concept?
Economic concepts are a group of fundamental ideas that explain a range of economic phenomena and subject, such as the decisions and actions of economic agents.
Scarcity is also one of the important concept of the economics which states that there is the shortage of the resources in the world and the needs of the human being is unlimited.
Therefore, it can be concluded that Every useful resource has a finite amount of it. There is no end to what humans need or want. Because resources are in short supply, we are willing to pay a price for them. Due to shortage, people are forced to make decisions.
Hence, option 1st, 3rd, 4th and 6th are correct.
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