The correct answer is: b) resources are scarce when compared to the demand for them.
Scarcity is a fundamental concept in economics that refers to the limited availability of resources in comparison to the unlimited wants and needs of individuals and societies. This means that there are not enough resources to satisfy all the desires and demands of people, leading to the need for choices and prioritization.
Option a) is incorrect because resources are not unlimited; they are finite. Option c) is also incorrect because while funding for resource conservation can be an issue, it does not define the concept of scarcity itself.
Understanding scarcity helps in making informed decisions about how to allocate resources efficiently to meet the most pressing needs and wants.