Scarcity means
A) wants are greater than the limited resources available to satisfy these wants.
B) wants are less than the limited resources available to satisfy these wants.
C) resources are infinite.
D) wants are limited.
E) both c and d

Question

Quizplus · Accepted Answer

Scarcity means that there are not enough resources to fully satisfy all of our wants and needs. As a result, we have to make choices about how to allocate those resources. If our wants were less than the available resources, there would be no scarcity. Choice C is incorrect because resources are limited, not infinite. Choice D is also incorrect because scarcity implies that wants and needs are greater than the available resources.

Scarcity Means