Scarcity is
A) a situation of shortage after a hurricane.
B) a permanent human condition relative to the nearly limitless nature of human desires.
C) represented by long lines at stores.
D) the same thing as poverty.

Question

Quizplus · Accepted Answer

Scarcity is the economic concept that refers to the fact that resources are limited, while human wants and needs are virtually infinite. Therefore, there will always be a gap between what people would like to have and the resources available to satisfy those desires, creating a condition of scarcity that affects all economic decisions. The other options do not fully capture the definition of scarcity, as they are either short-term consequences or social consequences often associated with scarcity rather than the concept itself.

Scarcity Is