Scarcity
a. exists because people have wants that are unlimited relative to the availability of resources to satisfy those wants
b. applies when a resource is not freely available
c. means that each society and each individual must make choices
d. exists in all societies
e. all of the above are true
Question 2
Scarcity is best defined as
a. unlimited resources
b. a shortage -- when buyers cannot obtain the goods they want
c. a surplus -- when sellers cannot sell the goods they produce
d. insufficient resources to satisfy unlimited wants
e. the private ownership of society's resources
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