All of the following statements, except one, are valid examples of the way economists use the term 'scarcity.' Which is the exception?
A) Households face a scarcity of income.
B) Individuals face a scarcity of time.
C) Economies face a scarcity of resources.
D) The world faces a scarcity of ideas.

Question

Quizplus · Accepted Answer

Scarcity, in economic terms, refers to the limited nature of society's resources, including money, time, and raw materials. It does not typically refer to a scarcity of ideas, as ideas are not considered a finite resource in the same way as economic or natural resources.

All of the Following Statements, Except One, Are Valid Examples