NSSCAS Business Studies (8245) Practice Questions - Namibia Senior Secondary Certificate Advanced Subsidiary Business Studies (Syllabus 8245) Exam

Which statement best describes the scarcity problem in business?

Consumers never want more than firms can supply Resources are limited while wants are unlimited, so choices must be made Opportunity cost only exists in planned economies There is always enough capital for every project

Correct Answer:

Resources are limited while wants are unlimited, so choices must be made

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