In economics,scarcity refers to the situation of ________.
A) making the best use of limited information
B) having more wants than the amount of available resources
C) the government rationing available goods and services
D) sellers setting the prices of their products too high for people to be able to afford them

Question

Quizplus · Accepted Answer

Scarcity in economics refers to the limited availability of resources (such as land, labor, capital, and natural resources) relative to wants and needs. This means that there are not enough resources to satisfy all the demands and desires of consumers and producers, creating competition for these resources and leading to trade-offs and choices about how to allocate them. This is the fundamental problem of economics that all economic systems must address. A, C, and D are not accurate descriptions of scarcity.

In Economics,scarcity Refers to the Situation of ________