To economists,scarcity means that
A)there can never be answers to the what,how or for whom questions.
B)unlimited wants cannot be satisfied by limited resources.
C)a person looking for work is not able to find work.
D)limited wants cannot be satisfied by unlimited resources.
E)the number of people without jobs rises when economic times are bad.

Question

Quizplus · Accepted Answer

Scarcity refers to the gap between unlimited wants and limited resources that are available to fulfill those wants. Therefore, option B is the correct definition of scarcity provided by economics. The other options do not accurately capture the concept of scarcity.

To Economists,scarcity Means That