The problem of determining what goods and services society should produce:
A)exists because we can produce more than we need or want.
B)exists because there are not enough resources to provide all of the goods and services that people want.
C)would not exist if all goods and services were scarce.
D)would not exist if government owned all of the resources.

Question

Quizplus · Accepted Answer

The problem of determining what goods and services society should produce exists because there are not enough resources to provide all of the goods and services that people want. This is known as the economic problem of scarcity. If there were unlimited resources, there would be no need to make choices about what to produce. However, since resources are limited, societies must decide what to produce, how to produce it, and for whom to produce it.

The Problem of Determining What Goods and Services Society Should