As used in economics, the notion of scarce resources means that:
A)mineral deposits are only available in finite amounts.
B)resources are not so plentiful that all individuals' material wants can be fulfilled.
C)some resources are free while others have price tags on them.
D)the quantities available of some resources exceed the demand for them.

Question

Quizplus · Accepted Answer

Scarce resources refer to resources that are limited or not abundant enough to fulfill all the material wants and needs of individuals. This means that there must be trade-offs and choices made regarding the allocation and use of these resources. Mineral deposits being finite (A) is one example of a scarce resource, but it is not the only one. It is not accurate to say that some resources are free while others have price tags (C), as even so-called "free" resources like air and water may have costs associated with their extraction, treatment, or distribution. Finally, D is not a valid choice as it describes a situation where the supply of a resource is greater than the demand for it, which would not be considered a scarce resource in economics.

As Used in Economics, the Notion of Scarce Resources Means