What term refers to the idea that society has limited resources and therefore cannot produce all the goods and services people wish to have?
A)inefficiency
B)inequality
C)scarcity
D)market failure

Question

Quizplus · Accepted Answer

Scarcity refers to the basic economic problem that arises because people have unlimited wants but resources are limited. This means not all goods and services can be produced, leading to the need for choices to be made about how to allocate resources effectively.

What Term Refers to the Idea That Society Has Limited