What does it mean to say that a resource is scarce?
Choose 1 answer:
(A) A society does not have enough money to purchase this resource.
(B) Nobody wants to buy this resource.
(C) There is an unlimited amount of the resource available.

D There is not enough of this resource to satisfy all the wants and needs of a society.
(E) The resource is no longer available

Question

What does it mean to say that a resource is scarce?
Choose 1 answer:
(A) A society does not have enough money to purchase this resource.
(B) Nobody wants to buy this resource.
(C) There is an unlimited amount of the resource available.

D There is not enough of this resource to satisfy all the wants and needs of a society.
(E) The resource is no longer available

Accepted Answer

***D*** ∻Key Concept∻ ⚹Scarcity⚹ ∻Explanation∻ ⚹Scarcity refers to the fundamental economic problem of having limited resources to meet unlimited wants and needs. It necessitates choices and prioritization in the allocation of resources.⚹◊How do scarcity and opportunity cost relate to each other in the field of macro economics?⍭ Generate me a similar question◊

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