What do economists mean when they state that a good is scarce?
A) People will want to buy more of the good regardless of price.
B) It is impossible to expand the availability of the good.
C) Our wants exceed our limited resources.
D) There is a shortage of the good at a sale price.

Question

Quizplus · Accepted Answer

Scarcity in economics refers to the basic principle that we have limited resources to meet unlimited wants, meaning that there are not enough resources available to satisfy all the various ways a society wants to use them.

What Do Economists Mean When They State That a Good