Which good best meets the definition of scarcity?
A) air
B) water in the ocean
C) electricity in a city
D) wood in a forest

Question

Quizplus · Accepted Answer

Scarcity refers to a limited supply compared to the demand for a good or resource. While all of the options listed have some degree of scarcity, the best choice would be electricity in a city. This is because electricity is a commodity that is highly demanded for various purposes such as lighting, heating, and powering appliances, but its production and distribution are limited by the availability of resources such as natural gas, coal, and renewable energy sources. Additionally, the infrastructure required for generating and transmitting electricity is expensive to build and maintain, further contributing to its scarcity.

Which Good Best Meets the Definition of Scarcity