Which of the following best describes scarce resources?
A) Resources that most people cannot afford to buy
B) Resources that can only be distributed efficiently by the government
C) Resources for which the quantity demanded is the same for all economic agents
D) Resources for which the quantity that people want exceeds the quantity that is freely available

Question

Quizplus · Accepted Answer

Scarce resources are those for which the quantity demanded exceeds the quantity that is freely available. This means that there is competition for the resource, and not everyone can have as much of it as they want. Examples of scarce resources include land, clean water, and fossil fuels.

Which of the Following Best Describes Scarce Resources