Scarcity and Unlimited Wants
We face scarcity because:
- Our wants are limited
- Resources are unlimited
- Things that satisfy our wants are limited in availability — Correct Answer
- Government restricts supply
Explanation:
Correct Answer Explanation
We face scarcity because the things that satisfy our wants are limited in availability.
Key Points:
- Our wants are unlimited but resources are limited.
- Like Aladdin, we have unlimited wants but no magic lamp.
- Limited pocket money forces us to choose only the most wanted things.
- This is the basic teaching of Economics.
Why Other Options Are Wrong
- A: Wants are unlimited, not limited.
- B: Resources are limited, not unlimited.
- D: Scarcity is natural, not just government-imposed.
📚 About this Topic — CH-1: Introduction
This multiple choice question is from CH-1: Introduction, NCERT Books, Statistics for Economics. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-1: Introduction to strengthen your preparation.
