Which of the following exemplifies the concept of scarcity?

The concept of scarcity refers to the basic economic problem that arises because resources are limited while human wants are unlimited. This means that in any situation where a resource is in short supply, it is a clear example of scarcity.

Having only $1 at the vending machine illustrates scarcity because it highlights the limitation of resources available for purchasing items. In this case, the $1 represents a finite amount of money, which restricts the number of options available to the individual at the vending machine. As such, the inability to afford a more expensive item demonstrates the relationship between limited resources and the resulting limitations on choices.

In contrast, the other choices represent situations where resources are not scarce. Excess inventory in a store indicates a surplus, while an abundance of food in the market and a wealth of natural resources signify an availability greater than current demand, thereby negating the concept of scarcity.