Economists say that since wants are unlimited and the earth contains a finite quantity of resources that people keep using,
A) we will run out of resources
B) consumers will lose sovereignty
C) the circular flow model will eventually shrink
D) scarcity will always be a fact of economic life
E) the ceteris paribus assumption becomes more universal

Question

Quizplus · Accepted Answer

Scarcity is a fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It means that there are not enough resources to fulfill all wants and needs, which is a condition that persists because human wants exceed the capacity of available resources.

Economists Say That Since Wants Are Unlimited and the Earth