As used in economics,the notion of scarcity means that:
A)mineral deposits are available only in limited amounts
B)resources are not so plentiful that all consumer wants can be fulfilled
C)many resources are freely available
D)the quantities available of some resources exceed the demand for them
E)the demand for some resources is nonexistent

Question

Quizplus · Accepted Answer

Scarcity in economics refers to the limited availability of resources or inputs to production relative to their demand, which means that not all consumer wants can be fulfilled or satisfied, resulting in choices and trade-offs.

As Used in Economics,the Notion of Scarcity Means That