When economists say scarcity, they mean:
a. there are only a limited number of consumers who would be interested in purchasing goods.
b. the human desire for goods exceeds the available supply of time, goods and resources.
c. most people in poorer countries do not have enough goods.
d. goods are so expensive that only the rich can afford it.
Question 2
Which of the following illustrates the concept of scarcity?
a. There is usually more than one use of your free time in the evening.
b. More clean air is wanted than is available in large polluted metropolitan areas such as Los Angeles.
c. There are many competing uses for the annual budget of your city, county, or state.
d. All of the answers are correct.
Minerals are nonrenewable resources in limited supply
Farmers’ markets provide fresh, local produce to consumers
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