Scarcity can best be defined as a situation in which:
A) there are not enough goods to satisfy all of the buyers demands.
B) there is more than enough money to satisfy consumers wants.
C) there are no buyers willing to purchase what sellers have produced.
D) resources are limited in quantity and can be used in different ways.

Question

Quizplus · Accepted Answer

Scarcity refers to the fact that resources are limited in quantity and can be used in different ways. This means that there are not enough resources to produce all the goods and services that people want and need, and so choices must be made about how those resources are allocated. Option A refers to the result of scarcity, not scarcity itself, and options B and C do not accurately represent the concept of scarcity.

Scarcity Can Best Be Defined as a Situation in Which