Asked by Renee Mckinney on Jul 20, 2024
Verified
Scarcity exists because
A) of unlimited resources.
B) human wants are enormous relative to the means available to satisfy them.
C) production is limited only by technology and human energy.
D) advertising creates unnatural desires for surplus goods.
Scarcity
The basic economic problem that arises because people have unlimited wants but resources are limited, necessitating the allocation of resources.
Unlimited Resources
Access to an infinite amount of materials or assets without any constraints.
Human Wants
The desires and needs of individuals for goods, services, and other intangibles that lead to satisfaction.
- Familiarize yourself with the concept of scarcity and understand its influence on the allocation of economic resources.
Verified Answer
JN
Jared NorthJul 21, 2024
Final Answer :
B
Explanation :
Scarcity exists because human wants are enormous relative to the means available to satisfy them. This means that there is a limited amount of resources available to fulfill the unlimited wants and needs of individuals and society as a whole. This creates competition for resources and forces individuals and society to make choices about how to allocate those resources.
Learning Objectives
- Familiarize yourself with the concept of scarcity and understand its influence on the allocation of economic resources.