As defined by an economist, what does the word scarcity mean?
A) Consumers are too poor to purchase the available goods and services.
B) Demand exceeds supply at the current market price.
C) The desire for goods exceeds our ability to produce them with limited available resources.
D) Supply exceeds demand at the current market price.

Question

Quizplus · Accepted Answer

Scarcity, as defined by an economist, refers to the limited availability of resources in relation to the unlimited wants and needs of people. This choice accurately describes the concept of scarcity in economic terms. The other choices do not fully capture the meaning of scarcity as it relates to economics.

As Defined by an Economist, What Does the Word Scarcity