To an economist, scarce resources means that:
A) the number of resources at our disposal is numerically small.
B) resources are scarce compared to the goods and services people want and need.
C) resources are hard to locate, and resource suppliers are unwilling to sell their resources.
D) all of the above.

Question

Quizplus · Accepted Answer

Resources are considered scarce in economics when they are not available in sufficient quantities to satisfy all the various ways a society wants to use them. This scarcity is relative to the demand for goods and services that these resources can produce, not necessarily because the resources are numerically small or hard to locate.

To an Economist, Scarce Resources Means That