When economists say goods are scarce, they mean
A) consumers are too poor to afford the goods and services available.
B) consumers are unwilling to buy goods unless they have very low prices.
C) goods are generally freely available from nature in most countries.
D) the desire for goods and services exceeds our ability to produce them with the limited resources available.

Question

Quizplus · Accepted Answer

Scarcity in economics refers to the fundamental problem of having seemingly unlimited human wants in a world of limited resources. It means that the desire for goods and services exceeds the ability to produce them with the available resources.

When Economists Say Goods Are Scarce, They Mean