Which of the following terms is most associated with scarcity? A Wealth B Free Enterprise (C) Karl Marx C D Choice

## Step 1<br />The term 'carcity' in economics refers to the basic economic problem that arises because people have unlimited wants but resources are limited. This means that there are not enough resources to fulfill all the wants and needs of individuals.<br /><br />## Step 2<br />Given the options, we need to identify which term is most associated with scarcity. The term 'Choice' is the most closely related to scarcity. This is because when resources are scarce, individuals must make choices about how to allocate these resources to satisfy their wants and needs.<br /><br />## Step 3<br />The other options, 'Wealth', 'Free Enterprise', and 'Karl Marx', are not as closely related to the concept of scarcity. 'Wealth' refers to the abundance of valuable resources or material possessions. 'Free Enterprise' is an economic system where private business operates in competition and largely free of state control. 'Karl Marx' is a philosopher known for his theories on communism, which are not directly related to the concept of scarcity.