Which of the following statements is FALSE?
A) Economics is the study of decision making in a world of scarcity.
B) Scarcity is faced by all individuals, businesses, and societies.
C) Scarcity arises because people's wants and needs are virtually unlimited, while the resources available to satisfy those wants and needs are not.
D) Scarcity could be overcome if people were willing to work harder to produce all the goods and services that would satisfy their material wants and needs.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It cannot be overcome simply by working harder because resources (such as time, labor, and raw materials) are inherently limited, and human wants are virtually unlimited. Working harder does not create more resources; it just reallocates existing resources.

Which of the Following Statements Is FALSE