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Scarcity can best be defined as a situation in which 

a. There are no buyers willing to purchase what sellers have produced

b. There are not enough goods to satisfy all of the buyers' demand.

c. The resources we use to produce goods and services are limited.

d. There is more than enough money to satisfy consumers' wants.

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Yusra Anees
Yusra AneesLv10
7 Jan 2021
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Related questions

Scarcity implies that:

A. consumers would be willing to purchase the same quantity of a good at a higher price.

B. it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available.

C. at the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce.

D. consumers are too poor to afford the goods and services available

which of the following best explains why resources need to be allocated in the game of economics?
A) natural resources are often found in places far from where they are used for production
B) if sufficient resources are not set aside for future production, scarcity cannot be eliminated
C) there are not enough resources to produce all of the goods and services that everyone wants.
D) there are always different production methods for the same goods and services
 

Which of the following best explains why resources need to be allocated in the game of Economics?

A) natural resources are often found in places far from where they are used for production

B) if sufficient resources are not set aside for future production, scarcity cannot be eliminated

C) there are not enough resources to produce all of the good and services that everyone wants.

D) there are always different production methods for the same goods and services

 

 

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