Which of the following best describes when scarcity occurs?
A) when resources are unlimited
B) when there is a shortage, so buyers cannot obtain the goods they want
C) when there is a surplus, so sellers cannot sell the goods they produce
D) when resources are insufficient to satisfy unlimited wants

Question

Which of the following best describes when scarcity occurs?  
A) when resources are unlimited 
B) when there is a shortage, so buyers cannot obtain the goods they want 
C) when there is a surplus, so sellers cannot sell the goods they produce 
D) when resources are insufficient to satisfy unlimited wants

Quizplus · Accepted Answer

Scarcity occurs when there are unlimited wants and needs but limited resources to satisfy them. This means that there is not enough of a particular good or service to meet the demand for it, resulting in scarcity. Options A and C are incorrect because scarcity cannot occur when resources are unlimited or when there is a surplus. Option B is incorrect because a shortage is a consequence of scarcity but not the definition of scarcity itself.

Which of the Following Best Describes When Scarcity Occurs