Which situation creates scarcity in an economy?A.Human and physical capital are used as factors of production when making goods.B.Citizens have more wants than they can fulfill with their available resources.C.Businesses disregard public needs and only supply goods that are cheap to make.D.Governments decide to distribute goods to make sure all citizens are equal.

Economic problem means scarcity of resources.Question 5AnswerTrueFalse

Scarcity is correctly described by which of the following statements?Scarcity exists if there are more uses for resources than can be satisfied at one time.Scarcity exists if decisions must be made about alternative uses for resources.Scarcity would not exist in a society in which people wanted to help others instead of themselves. aI only bII only cIII only dI and II only eI, II, and III

Water scarcity can have dire consequences for which of the following?Question 6Select one:a.peopleb.environmentc.economyd.all of the above

Using an example explain the relationship between scarcity and sustainabil

When technology increases the supply of a good and lower prices increase the quantity demanded, A. the economy is reallocating resources to achieve an efficient allocation. B. consumer surplus falls. C. the invisible hand is unnecessary. D. the marginal benefit of the good increases with the quantity produced. E. the economy is no longer efficient because the quantity changes.