Will give ! 1.which statement best describes the economic problem of scarcity? question 1 options: it exists only in poor, underdeveloped countries. it exists only in a natural disaster. it existed only in the past due to inefficient technology. it is the basic economic problem facing all societies. 2.specialization is important in an economy because it leads to which important economic concept? question 2 options: price ceilings allocation of resources voluntary exchange government regulation 3.terry owns an rv repair shop. sue works in the office and also orders any parts needed to repair rvs. which of the following choices correctly matches productive resources from the previous statement? question 3 options: parts-capital; sue-entrepreneur office-capital; parts-land terry - entrepreneur; sue - labor parts-land; terry-labor

1. It existed only in the past due to inefficient technology

2. voluntary exchange

3. Terry - entrepreneur; Sue - labor

The following are the correct answers to each question:

Question 1: Option D

The statement that best describes the economic problem of scarcity is that it is the basic economic problem facing all societies. it is the most common economic problem as every society faces the conflict of having limited resources for unlimited needs and wants from its citizens.

Question 2: Option B

Specialization is important in an economy because it leads to the important economic concept of allocation of resources. In economy, specialization is the method of production whereby an entity focuses on the production of a  limited scope of goods to gain a greater degree of efficiency.

Question 3: Option C

The choice that correctly matches productive resources from the statement is that terry is an entrepreneur a he is the owner of a RV repair shop, while sue is the laborer as she works for Terry.

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