Scarcity means
A)wants are greater than the limited resources available to satisfy these wants.
B)wants are less than the limited resources available to satisfy these wants.
C)resources are infinite.
D)wants are limited.

Question

Quizplus · Accepted Answer

Scarcity refers to a situation where there are limited resources to meet unlimited wants. The definition in option A accurately captures this concept. Option B is incorrect as it suggests that there are excess resources which is not the case in a situation of scarcity. Option C is also incorrect as resources are not infinite in reality. Option D is also not fully accurate as while wants are limited, they are usually greater than the resources available, which is the defining feature of scarcity.

Scarcity Means