Scarcity is best defined as
A)unlimited resources
B)a shortage -- when buyers cannot obtain the goods they want
C)a surplus -- when sellers cannot sell the goods they produce
D)insufficient resources to satisfy unlimited wants
E)the private ownership of society's resources

Question

Quizplus · Accepted Answer

Scarcity is the concept that resources are limited and cannot satisfy all of society's unlimited wants and needs. Therefore, option D is the best choice as it accurately describes scarcity. Option A is incorrect because it suggests that resources are unlimited, which is not the case. Options B and C both describe situations where there may be a temporary lack of balance between supply and demand, but scarcity is a long-term concept. Option E is also incorrect as it refers to private ownership of resources, which is not directly related to the concept of scarcity.

Scarcity Is Best Defined as