To an economist, scarcity means that

Question

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Scarcity in economics means that the available resources are limited or finite while human wants and needs are infinite. Therefore, at a zero price, the available quantity of a good is insufficient to meet people's wants, which is known as scarcity. Choice A is incorrect because scarcity does not depend on the time taken to find a good. Choice C is incorrect because if a good is completely unavailable, it would not be considered scarce, it would be considered non-existent. Choice D is incorrect because it implies that scarcity only exists at the current market price, which is not necessarily true. Finally, choice E is incorrect because it is a false statement, given that resources are finite.

To an Economist, Scarcity Means That