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Economics for Today 7th Edition by Irvin Tucker
Edition 7ISBN: 978-1133154457Economics for Today 7th Edition by Irvin Tucker
Edition 7ISBN: 978-1133154457 Exercise 1
Scarcity exists
A) when people consume beyond their needs.
B) only in rich nations.
C) in all countries of the world.
D) only in poor nations.
A) when people consume beyond their needs.
B) only in rich nations.
C) in all countries of the world.
D) only in poor nations.
Explanation
Verified
Verified
Correct answer is 'C'.
Scarcity is a condition where the human wants are always greater than the available supply of resources like time, goods or services. Due to this condition it is impossible to satisfy wants or desires of every one.
Scarcity is a condition where the human wants are always greater than the available supply of resources like time, goods or services. Due to this condition it is impossible to satisfy wants or desires of every one.
Economics for Today 7th Edition by Irvin Tucker
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