The concept of scarcity in economics refers to (b) the limited resources and unlimited wants.

Resources refer to the supply of raw materials, goods, or services that consumers use in satisfying their needs and wants. In economics, the concept of scarcity talks about how these resources are scarce in supply, in that they are not readily available to all consumers, yet their demand is high. The concept also talks about the unlimited wants of consumers. Once a consumer gets to satisfy a particular desire or need, another one arises, meaning that their demands or needs can never be met fully.