Which of the following statements best describes the economic concept of scarcity?
A)Society is not employing all of its available resources in an efficient manner.
B)People's wants can never be satisfied by the available resources.
C)Scarcity afflicts only poor countries.
D)Too many frivolous goods and services are produced at the expense of socially desirable goods and services.
E)Production is efficient,but distribution is inefficient.

Question

Quizplus · Accepted Answer

Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It means that people's wants and needs are greater than the resources available to satisfy them. This is a universal concept that applies to all individuals and societies, regardless of their level of wealth or development.

Which of the Following Statements Best Describes the Economic Concept