"Scarcity" in economics refers basically to:
A)periods of famine.
B)monopolization of existing supplies of goods.
C)monopolization of resources to provide goods.
D)monopolization of outlets to sell goods.
E)none of the above.

Question

Quizplus · Accepted Answer

Scarcity in economics refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It does not specifically refer to periods of famine, monopolization of supplies, resources, or outlets, but rather to the overall condition where the means to fulfill needs and desires are not abundant enough to satisfy all wants of society.

"Scarcity" in Economics Refers Basically To