Which of these statements demonstrate the economic concept of scarcity? Check all that apply.
All useful resources are limited in their supply.
Everyone is able to meet all their wants and needs
The wants and needs of people are unlimited.
Resources are scarce, which explains why we are willing to pay for them.
A large economy is able to eliminate the effects of scarcity.
Because of scarcity, individuals must make choices.

The following statements describe the economic concept of scarcity:

1. All useful resources are limited.

2.Resources are scarce which explain why we are willing to pay for them.

3. Because of scarcity, individuals must make choices.

In economics, scarcity is the study of how people attempt to satisfy their needs and wants by making choices. The principle of scarcity states that limited goods and services are available to meet unlimited wants.

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Explanation: