In economics, scarcity refers to the fact that there are not enough:
A) goods and services to completely satisfy everyone's wants and needs.
B) hours in the day to consume all the goods and services available in the economy.
C) goods and services produced to allow everyone wanting to work to hold down a full-time job.
D) dollars for spending on goods that have already been produced and directly satisfy our wants, such as food and clothing.

Question

Quizplus · Accepted Answer

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

In Economics, Scarcity Refers to the Fact That There Are