From the list below.select the resources that are considered scarce (Select all that apply). (1) Sunlight (1) Water Time (1) Money

## Step 1<br />In economics, scarcity refers to the basic economic problem of having seemingly unlimited human wants and needs in a world of limited resources. It means that society does not have enough productive resources to fulfill all human wants and needs. <br /><br />## Step 2<br />Sunlight is not considered a scarce resource because it is abundant and freely available. It is not limited and does not require any cost to obtain.<br /><br />## Step 3<br />Water, while it is a natural resource, is considered scarce in many parts of the world due to its limited availability and the high cost of its purification and distribution.<br /><br />## Step 4<br />Time is considered a scarce resource because it is limited and cannot be replenished. Everyone has the same 24 hours in a day, and once time is spent, it cannot be reclaimed.<br /><br />## Step 5<br />Money is not a scarce resource in the context of economics. It is a medium of exchange and a store of value, but it does not represent a limited resource in the same way that natural resources do.