As a student of economics,when you speak of scarcity,you are referring to the ability of society to:
A) employ all of its resources.
B) consume all that is produced.
C) satisfy economic wants given limited resources.
D) continually make technological breakthroughs and increase production.

Question

Quizplus · Accepted Answer

Scarcity refers to the fact that there are limited resources to satisfy unlimited wants and needs. Therefore, the best answer is C, which states that scarcity refers to society's ability to satisfy economic wants given limited resources. Choices A, B, and D do not accurately capture the concept of scarcity.

As a Student of Economics,when You Speak of Scarcity,you Are