Scarcity in economics means that:

there must be poor people in rich countries.

the wants of people are limited.

we do not have sufficient resources to produce all of the goods and services we want.

shortages exist in nearly all markets.

Question

Social Studies

Evelyn Pitts

26 December, 17:55

Scarcity in economics means that:

there must be poor people in rich countries.

the wants of people are limited.

we do not have sufficient resources to produce all of the goods and services we want.

shortages exist in nearly all markets.

+1

Answers (1)

Know the Answer?

Ellis Savage · Answer 1

Answer: The people's demand outweighs the available resources

Explanation:

Scarcity refers to the situation where the people's demand is beyond the resources available in the market.

Scarcity in economics means that:there must be poor people in rich countries.the wants of people are limited.we do not have sufficient resources to produce all of the goods and services we want.shortages exist in nearly all markets.

Scarcity in economics means that:

there must be poor people in rich countries.

the wants of people are limited.

we do not have sufficient resources to produce all of the goods and services we want.

shortages exist in nearly all markets.