What is scarcity, and why is it a fundamental concept in ...

[CBme]

What is scarcity, and why is it a fundamental concept in economics?
 
  What will be an ideal response?

Question 2

Most doctors are employed by the government and most hospitals are owned by the government in
 
  A) Canada. B) Japan.
  C) the United Kingdom. D) the United States.

[mochi09]

Answer to Question 1

Scarcity refers to a situation in which unlimited wants exceed the limited resources available to fulfill those wants. Scarcity is a fundamental concept in economics because economics is the study of the choices people make to attain their goals, given their scarce resources.

Answer to Question 2

C

[CBme]

Thanks for the timely response, appreciate it

[jamesnevil303]

Excellent