When a society cannot produce all the goods and services people wish to have,the economy is experiencing
A)scarcity.
B)surpluses.
C)inefficiencies.
D)inequalities.

Question

Quizplus · Accepted Answer

Scarcity refers to the economic problem of having limited resources to fulfill unlimited wants and needs. When a society cannot produce all the goods and services people wish to have, it is experiencing scarcity. Surpluses refer to the opposite, where there is an excess supply of goods and services beyond what is demanded. Inefficiencies and inequalities are not directly related to the concept of limited resources and scarcity.

When a Society Cannot Produce All the Goods and Services