QuestionJuly 28, 2025

What does it mean if a resource is scarce?Give a real-life example of a resourcein your life that is scarce.

What does it mean if a resource is scarce?Give a real-life example of a resourcein your life that is scarce.
What does it mean if a resource is scarce?Give a real-life example of a resourcein your life that
is scarce.

Solution
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Answer

Scarcity refers to limited availability of resources; an example is time, as it is finite and often insufficient for all desired activities. Explanation 1. Define Scarcity Scarcity means a resource is limited in availability and cannot meet all the demands placed on it. 2. Provide Real-Life Example A real-life example of a scarce resource could be time. Everyone has only 24 hours in a day, which often feels insufficient to accomplish all tasks and responsibilities.

Explanation

1. Define Scarcity<br /> Scarcity means a resource is limited in availability and cannot meet all the demands placed on it.<br /><br />2. Provide Real-Life Example<br /> A real-life example of a scarce resource could be time. Everyone has only 24 hours in a day, which often feels insufficient to accomplish all tasks and responsibilities.
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