Resources are scarce:
A) when compared to the wants and needs people wish to satisfy.
B) in less developed countries, but not in advanced economies, such as that of the United States.
C) in the sense that there is almost no oil, coal, clean air, or water left, and the labor force is shrinking.
D) because people do not demand enough goods and services to ensure that resources will be made available in large enough quantities.

Question

Quizplus · Accepted Answer

Resources are considered scarce because the wants and needs of people exceed the available resources to satisfy them, not because of the absolute quantity of resources or the level of demand for goods and services.

Resources Are Scarce