Scarcity limits the volume of goods that an economic system can produce but does not limit the production of services.

Name: Scarcity limits the volume of goods that an economic system can produce but does not limit the production of services.
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Question

Quizplus · Accepted Answer

Scarcity affects both the production of goods and services. Scarce resources must be allocated among all economic activities, including the production of both goods and services. Therefore, the statement is false.

Scarcity Limits the Volume of Goods That an Economic System