When society can not produce all the goods and services people want, it is faced with
A)scarcity.
B)surpluses.
C)inefficiencies.
D)inequalities.

Question

When society can not produce all the goods and services people want, it is faced with
A)​scarcity.
B)​surpluses.
C)​inefficiencies.
D)​inequalities.

Quizplus · Accepted Answer

Scarcity refers to the condition where resources are limited in relation to the wants and needs of society. When society cannot produce all the goods and services people want, it reflects the scarcity of resources. Surpluses refer to the excess supply of goods and services beyond what is needed, inefficiencies refer to situations where resources are not being used in the most productive way possible, and inequalities refer to differences in the distribution of goods and services among individuals.

When Society Can Not Produce All the Goods and Services