In Colorado,there has been a drought,and rural communities are fighting with urban areas over water.Which economic concept does this statement BEST represent?

A) scarcity
B) specialization
C) incentive
D) equilibrium

Economic Concept

A theoretical construct that explains various aspects of the economy, including transactions, decision-making processes, and the behavior of markets.

Rural Communities

Areas that are located outside towns and cities, often characterized by low population density and agricultural-based economies.

Urban Areas

Densely populated regions characterized by high human settlement and infrastructure of built environment.