Scarcity is defined as the condition in which
A) both wants and resources are limited.
B) wants are finite and resources infinite.
C) both wants and resources are infinite.
D) wants are infinite and resources finite.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It means that there are not enough resources to fulfill all wants and needs, leading to the necessity of making choices on how to allocate resources efficiently.

Scarcity Is Defined as the Condition in Which