3 The Economy Define economy and the role of constraints.

Which of the following is the best statement regarding scarcity in economics?

a.) It is the unlimited availability of resources to satisfy limited wants and needs of individuals.

b.) It is the condition that exists because there are not enough resources to produce everyone's wants.

c.) Scarcity does not exist in economics.

d.) It is the principle that the government must work to meet everyone's wants.