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The phenomenon of scarcity stems from the fact that a
The phenomenon of scarcity stems from the fact that
a. most economies' production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of goods and services.
c. governments restrict the production of too many goods and services.
d. resources are limited.
Expert Solution
d. resources are limited.
The right choice is alternative D.
The human needs and wants for different goods and services are unlimited. The stock of resources that an economy has is restricted. The resources are never adequate to fulfill the developing demand for individuals. Thus, the phenomenon of scarcity comes from the fact that the resources are limited.
The other three given alternatives talk about the process in which the resources are utilized and not about the scarcity of the resources.
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