All resources are:
A) scarce both in relative terms and in absolute terms.
B) abundant both in relative terms and in absolute terms.
C) scarce relative to the wants and needs they must satisfy, but many resources are abundant in absolute terms.
D) scarce in absolute terms, but many resources are abundant compared to the wants and needs they must satisfy.

Question

Quizplus · Accepted Answer

Resources are considered scarce because they cannot fully satisfy all the wants and needs of society, but many resources are abundant in absolute terms, meaning there is a large quantity of them available. However, the demand for these resources often exceeds the available supply, leading to scarcity in a relative sense.

All Resources Are