Goods and services are scarce because:
A)people are greedy.
B)they are produced using scarce resources.
C)firms keep production low in order to earn higher profits.
D)they are produced by firms that seek profits.
E)the government wants to maintain its power over the economy.

Question

Quizplus · Accepted Answer

Goods and services are scarce because they are produced using scarce resources. Resources such as land, labor, and capital are limited, which means that the quantity of goods and services that can be produced is also limited. This is why we have to make choices about how to use these resources efficiently and effectively to satisfy our wants and needs.

Goods and Services Are Scarce Because