in economics scarcity refers to the situation of

A. rationing of available goods and services by the government

B. having more wants than the amount of available resources

C. sellers setting the prices of their products far too high for people to be able to afford them

D. optimizing with the use of limited information

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Darryn D'SouzaLv10

16 Sep 2020

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Related questions

Scarcity implies that:

A. consumers would be willing to purchase the same quantity of a good at a higher price.

B. it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available.

C. at the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce.

D. consumers are too poor to afford the goods and services available

orchidrabbit535

Explain the difference between poverty and scarcity.

Poor, Poverty and Scarcity are all terms that refer to a situation in which a person’s necessities are left unfulfilled.

• A person can be called poor when they earn an income that does not fully cover all their necessities.

• A person in poverty is someone who is merely trying to survive. People in poverty may not even have the very basic necessities in life, including food, clothing and shelter.

• Scarcity refers to a lack in the amount of resources available. Scarcity arises as a result of people having wants that are unlimited, but resources are limited in supply.