When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing

a. inequalities.

b. scarcity.

c. inefficiencies.

d. surpluses.

scarcity

Explanation:

Scarcity relates to the difference among available resources and potentially unlimited desires. The concept of scarcity relates to the fact that, even in developed systems of modern technology, there's never sufficient (of anything) to fulfill all possible human desires.

Scarcity means making a compromise - sacrificing stuff, or making an exchange-off - to get more of the limited resources you want. In the actual world, the state of scarcity needs competitiveness for limited resources, and conflict takes place "when individuals struggle to meet the requirements used to decide who gets everything."