Asked by Karla Rosas on Jul 17, 2024
Verified
The problem of scarce resources:
A) means that there are not enough jobs in some cities.
B) could be solved if the unemployment rate fell.
C) is that there are not enough resources to satisfy people's unlimited wants.
D) is that resources are used inefficiently.
E) can be solved by lowering taxes.
Scarce Resources
Natural or man-made assets that are limited in supply, making them valuable for the production of goods and services.
Unlimited Wants
Refers to the insatiable desire of consumers to possess goods and services that provide utility, exceeding the resources available to fulfill them.
- Absorb the essence of scarcity and its paramount relevance to the discipline of economics.
- Comprehend the fundamental quandary in economics as the compulsion to select amidst options given the scarcity of resources.
Verified Answer
SZ
Stephanie ZapataJul 24, 2024
Final Answer :
C
Explanation :
The problem of scarce resources refers to the fundamental economic issue that there are limited resources available to meet unlimited wants and needs. This is a fundamental concept in economics, and is not related to job availability, unemployment, tax rates, or inefficiencies in resource use.
Learning Objectives
- Absorb the essence of scarcity and its paramount relevance to the discipline of economics.
- Comprehend the fundamental quandary in economics as the compulsion to select amidst options given the scarcity of resources.