When does scarcity exist?
A) when there is less than an infinite amount of a resource or good
B) when society can meet the wants of every individual
C) when there is less of a good or resource available than people wish to have
D) when the government fails to produce goods

Question

Quizplus · Accepted Answer

Scarcity exists when there is less of a good or resource available than people wish to have. Choice A is true, but not specific enough to fully encompass the concept of scarcity. Choice B is not true, as there are always limited resources and wants that cannot be satisfied by them. Choice D is not necessarily true - scarcity can exist even if the government is producing goods.

When Does Scarcity Exist