Why do societies need rationing devices?
A) Because people have too many needs and not enough wants.
B) Because price exists.
C) Because scarcity exists.
D) Because people have opportunity costs.

Question

Quizplus · Accepted Answer

Rationing devices are necessary in society because resources are scarce. This means that there are limited quantities of goods and services available in the economy, but people have unlimited wants and needs. Rationing devices help allocate these scarce resources in the most efficient way possible, ensuring that everyone in the society can have access to at least some of the goods and services they require, even if they cannot have unlimited access. Without rationing devices, some people may end up with too much of a particular item, while others may be unable to obtain any of that same item at all, leading to inequitable outcomes.

Why Do Societies Need Rationing Devices