Scarcity refers to the fact that human wants and needs are unlimited while resources to satisfy those wants and needs are limited, which creates a situation of scarcity. Therefore, the correct option is C. Options A, B, and D do not address the concept of scarcity accurately.

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Scarcity Refers to

Question 9

Multiple Choice

Scarcity refers to

A) the ability of society to employ all of its resources.
B) the ability of society to consume all that it produces.
C) the inability of society to satisfy all human wants because of limited resources.
D) the inability of society to eliminate poverty.

Correct Answer: