The concept of scarcity in economics usually refers to a condition
A)where society is not employing all of its available resources in an efficient manner.
B)that afflicts only poor countries.
C)where people's wants can never be satisfied by the available resources.
D)where production is efficient, but distribution is inefficient.
E)where too many frivolous goods and services are produced at the expense of socially desirable goods and services.

Question

Quizplus · Accepted Answer

Scarcity in economics refers to a situation where people's unlimited wants and needs cannot be fully satisfied by the limited resources available. This is a universal concept that affects all societies, not just poor countries or those with inefficient production and distribution systems.

The Concept of Scarcity in Economics Usually Refers to a Condition