Which of the following statements best describes the economic concept of scarcity?
◦ Too many frivolous goods and services are produced at the expense of socially desirable goods and services.
◦ Society is not employing all of its available resources in an efficient manner.
◦ Scarcity afflicts only poor countries.
◦ Production is efficient, but distribution is inefficient.
◦ People's wants can never be satisfied by the available resources.