Question

what is scarcity?
when there is a surplus of goods
when supply is greater than demand
when resources are limited but wants are unlimited
when demand is less than supply

Explanation:

Scarcity is a fundamental concept in economics. It refers to the situation where resources (such as land, labor, capital) are limited in quantity. However, human wants and needs (for goods and services like food, housing, entertainment) are unlimited. This creates a problem of how to allocate these scarce resources efficiently to satisfy as many wants as possible.

• When there is a surplus of goods: This is the opposite of scarcity. A surplus means there is more of a good available than is demanded at a certain price.
• When supply is greater than demand: This also indicates a situation of excess availability (similar to a surplus), not scarcity.
• When demand is less than supply: Again, this is a situation of more supply relative to demand (not scarcity).

Answer:

When resources are limited but wants are unlimited.