What term refers to the property that society has limited resources and therefore cannot produce all the goods and services people wish to have?

Question

Quizplus · Accepted Answer

Scarcity refers to the fundamental economic problem of limited resources relative to unlimited human wants and needs. This means that there will always be a mismatch between what people want and what can actually be produced given the available resources. This scarcity requires individuals, businesses, and governments to make choices about how to allocate resources efficiently.

What Term Refers to the Property That Society Has Limited