Which situation are economists describing when they use the term scarcity? A) when one has a surplus of natural resources and/or labor B) when one does not need to make trade-offs to satisfy one's needs C) when one does not have enough resources to satisfy all of one's wants D) when one's wants and needs are fully met

Question

Physics

Fonzie

31 October, 21:23

Which situation are economists describing when they use the term scarcity? A) when one has a surplus of natural resources and/or labor B) when one does not need to make trade-offs to satisfy one's needs C) when one does not have enough resources to satisfy all of one's wants D) when one's wants and needs are fully met

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Answers (1)

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Alessandro Osborne · Answer 1

The correct option is: (C) when one does not have enough resources to satisfy all of one’s wants

Explanation:

Scarcity in Economics is defined as the "unlimited wants and limited resources." If a someone's wants cannot be satisfied because of the limited resources, then it signifies the condition of scarcity. Hence in the options given the only option that satisfies this definition is option C.