Scarcity is

Question

Scarcity is

Quizplus · Accepted Answer

Scarcity refers to a situation in which the resources required to produce the goods and services that people desire are insufficient to satisfy all wants. In other words, there is a limited availability of resources to meet an unlimited demand for goods and services. This leads to trade-offs, choices and opportunity costs. A shortage of goods and services is a consequence of scarcity but not the definition of it. Poverty and misery refer to a lack of basic necessities and not necessarily a situation of scarcity. A situation in which resources are sufficient to satisfy people's desires is not scarcity because scarcity implies there are not enough resources to satisfy all desires.

Scarcity Is