Which of the following best describes scarcity?
A) Human desires are limited.
B) All but the very wealthy must face choices.
C) Resources are insufficient to satisfy all human desires.
D) Choices are unnecessary.

Question

Quizplus · Accepted Answer

Scarcity refers to the condition where there are not enough resources to fulfill all human desires. As a result, people must make choices about how to allocate those resources. A and D are incorrect because they do not reflect the reality of scarcity, while B is only partially correct, as even the very wealthy must make choices about how to allocate their resources.

Which of the Following Best Describes Scarcity