Scarcity in economics means: Choose one answer. a . not having sufficient resour

Question

Scarcity in economics means: Choose one answer. a. not having sufficient resources to produce all the goods and services we want. b. the wants of people are limited. c. there must be poor people in rich countries. d. economists are clearly not doing their jobs. Scarcity in economics means: Scarcity in economics means: Choose one answer. Choose one answer. a. not having sufficient resources to produce all the goods and services we want. b. the wants of people are limited. c. there must be poor people in rich countries. d. economists are clearly not doing their jobs.

Explanation / Answer

Scarcity simply means that there is not enough of ANY resource to meet all of humanities desires. This stems from the fact that resources are limited, and wants are UN-limited. Simple logic dictates that you cannot meet an infinite desire with a finite source so we end up with scarcity. This applies to anything:money, air, fuel, education, and anything else you can think of really. While this basic assumption of economics does have far reaching implications about the poor and rich, it basically means there is not enough and never will be enough to go around Explicity, my answer is A

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