The Idea of ____ in economics is that we have unlimited wants but limited resources:

CA Foundation · Business Economics · MTP · September 2025
The Idea of ____ in economics is that we have unlimited wants but limited resources:
(A) A. Opportunity Costs.
(B) B. Scarcity
(C) C. Marginal Analysis
(D) D. Specialization

Suggested Answer and Working Notes:

Correct Answer: Option (B)

B. Scarcity

Topics: Nature & Scope of Business Economics

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