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Which of the following options is correct? Scarcity is best defined as a
Which of the following options is correct?
Scarcity is best defined as
a. unlimited resources.
b. a shortage -- when buyers cannot obtain the goods they want.
c. a surplus -- when sellers cannot sell the goods they produce.
d. insufficient resources to satisfy unlimited wants.
e. the private ownership of society's resources.
Expert Solution
Scarcity is best defined as insufficient resources to satisfy unlimited wants. Thus, option c is correct.
As discussed above, any situation in which the unlimited demand cannot be met by scarce resources is characterised by scarcity.
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