For society, when is a good NOT scarce?
A) if at least one individual in society can obtain all he or she wants of the good
B) if firms are producing at full capacity
C) if all members of society can have all they want of the good
D) if those who have enough income can buy all they want of the good

Question

Quizplus · Accepted Answer

In economics, a good is considered scarce when there is not enough of it to satisfy all the wants and needs of consumers. Therefore, if all members of society can have all they want of a good, it is not considered scarce. Option A is incorrect because the satisfaction of one person does not determine whether a good is scarce or not. Option B is also incorrect because full capacity production does not necessarily mean that a good is not scarce. Option D is incorrect because only those with enough income can obtain all they want of the good, indicating that the good is still scarce for the rest of society.

For Society, When Is a Good NOT Scarce