Question

Sarah owns a book store. She is planning to stock some books by a famous author. But she has a tight budget, and she is not sure whether to stick all the previous books by the author or only the latest ones. What is the scarce resource in this scenario? A. Books B. Money C. Readers D. Space

Answer 1

Money is the scarce resource. Sarah has a tight budget, meaning she has a limitation to buying books. It never said anything regarding space nor readers and it didn't say that she didn't have a limitation on how much books Sarah can purchase.

Answer 2

The lack of availability of substances required to hold life or a certain quality of life is called a Scarcity of Resources. This is one of the fundamental ideas in the study of economics. Therefore, the correct statement of option D.

What do you mean by scarce resource?

The scarcity approach is that there are fewer resources than are had to fill human needs and needs. It generally comes from the land, exertions resources, or capital assets.

Gold, oil, silver, and various non-corporeal objects, as well as labor, can all be considered scarce resources.

Hence, The lack of availability of substances required to hold life or a certain quality of life is called a Scarcity of Resources. This is one of the fundamental ideas in the study of economics. The correct statement of option D.

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