The existence of scarcity as defined by economists means that
A)societies are inefficiently organized
B)people are irrational
C)societies must make choices of how to use their resources
D)resources are non-renewable
E)people are greedy

Question

Quizplus · Accepted Answer

The existence of scarcity means that societies have limited resources and must make choices about how to allocate them. This is a fundamental concept in economics and not indicative of inefficiency, irrationality, non-renewable resources or greed.

The Existence of Scarcity as Defined by Economists Means That