What does the concept of scarcity explain? check all that apply. why a product could lose significant value over time. why people continue to purchase different products. why consumers are willing to pay high prices for items. why decisions must be made on how to use resources why resources can be both renewable and nonrenewable. why a single resource has more value than another resource.

Scarcity covers the concept of the gap between limited resources and theoretically limitless wants. This requires a new adaptation of the allocation of resources in an efficient way to satisfy basic needs and extra wants demanded. In other words, it refers to limitation in a situation with unlimited human wants causing a problem because we live in a world with limit resources. So the correct answers are C, D and F.

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