The concept of scarcity refers to
A)a situation in which an item is very expensive.
B)a situation in which an item is available only in very small quantities.
C)a situation in which a resource is nonrenewable.
D)a situation in which people face a shortage in a particular market.
E)a situation in which the available resources are not enough to satisfy the wants of the people.

Question

Quizplus · Accepted Answer

The concept of scarcity refers to a situation where there are limited resources and unlimited wants. People have to make choices and tradeoffs since there aren't enough resources to satisfy all of their wants and needs. This is the basic economic problem that all societies face.

The Concept of Scarcity Refers to