Resource Scarcity
A) implies that government contractors often build roads that do not meet local road construction standards.
B) implies that individuals and society alike do not have the resources necessary to meet all of their wants.
C) is a bit of a hoax perpetrated for political reasons as society (particularly the United States) has an abundance of resources.
D) diminishes as additional workers are applied to a given task of production.

Question

Quizplus · Accepted Answer

Resource scarcity refers to the fact that there are limited resources available to meet unlimited wants and needs of individuals and society as a whole. This means that people must make choices about how to use their resources, and often have to prioritize and forego certain wants in order to satisfy more important needs. This concept is not a hoax, as resources are finite and there are limits to their availability.