As a consequence of the condition of scarcity:
A)there is always enough of everything.
B)production has to be centrally planned.
C)things which are plentiful have relatively high prices.
D)individuals and communities have to make choices among alternatives.

Question

Quizplus · Accepted Answer

Scarcity means that resources are limited and cannot fulfill all our wants and needs. Therefore, individuals and communities have to make choices among alternatives, such as what goods to produce and consume, how to allocate resources, and who gets access to them. This is the only choice that accurately reflects the impact of scarcity. Option A is incorrect because scarcity implies that there is not enough of everything, and option B is incorrect because central planning is one possible response to scarcity, but not the only option. Option C is also incorrect because scarcity implies that things that are scarce have relatively high prices, not things that are plentiful.

As a Consequence of the Condition of Scarcity