Scarcity in Economics Means

question 28

Multiple Choice

Scarcity in economics means:

• A) not having sufficient resources to produce all the goods and services we want.
• B) the wants of people are limited.
• C) there must be poor people in rich countries.
• D) economists are clearly not doing their jobs.

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Definitions:

Corn Crop Yield

The total production of corn measured in units (such as bushels per acre) harvested from a given area.

Complements

Products or services that complement each other, such that a rise in the demand for one results in a rise in the demand for its counterpart.

Price of Yogurt

The amount of money required to purchase a unit or quantity of yogurt in the market.

Equilibrium Price

The cost point where the amount of a product or service that buyers want matches the amount that sellers offer, leading to equilibrium in the market.