Scarcity arises because
A)resources are finite and are inadequate to meet all human wants.
B)production of goods and services is always slow.
C)companies are slow to explore for new resources.
D)a large number of people live in poverty.

Question

Quizplus · Accepted Answer

Scarcity is the inherent economic problem arising from the fact that resources are finite and cannot satisfy all human needs and wants. This means that we must make choices as to how we allocate these limited resources, as there are always more wants than available resources. B, C, and D are incorrect because they do not accurately describe the root cause of scarcity.

Scarcity Arises Because