Which of the following is an example of scarcity?
A) If I decide to buy a new car I may not have enough money to go away on vacation this year.
B) If a city uses an acre of land to build a park there will be less land for houses.
C) If you choose to play video games you will not have as much time for exercise.
D) All of the above are examples of scarcity.

Question

Quizplus · Accepted Answer

All of the above choices describe situations where there are limited resources (such as money, land, or time) that must be allocated among competing uses or needs. This is the essence of scarcity - there are not enough resources to satisfy all wants and needs. It forces individuals, businesses, and governments to make choices and trade-offs about how to use resources most effectively.

Which of the Following Is an Example of Scarcity