Scarcity in economics means that:
A)we do not have sufficient resources to produce all of the goods and services we want.
B)the wants of people are limited.
C)there must be poor people in rich countries.
D)economists are clearly not doing their job.

Question

Quizplus · Accepted Answer

Scarcity in economics means that there are limited resources to meet unlimited wants and needs. Therefore, we cannot produce all the goods and services we want. This is the basic economic problem that economists try to solve by studying how resources can be allocated efficiently to meet the maximum of society's wants and needs.

Scarcity in Economics Means That