In economics, the term "scarcity" refers to the fact that
A) everything really worthwhile costs money.
B) even in wealthy countries like the United States, some people are poor.
C) no society can produce enough to satisfy fully the desires of people for goods and services.
D) sometimes shortages of a good arise when its price is set below the market equilibrium.

Question

Quizplus · Accepted Answer

Scarcity in economics refers to the fundamental problem that resources are limited while human wants are unlimited, meaning no society can produce enough to satisfy all desires for goods and services.

In Economics, the Term "Scarcity" Refers to the Fact That