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Which of these statements demonstrate the economic concept of scarcity? check all that apply. all useful resources are limited in their supply. everyone is able to meet all their wants and needs the wants and needs of people are unlimited. resources are scarce, which explains why we are willing to pay for them. a large economy is able to eliminate the effects of scarcity. because of scarcity, individuals must make choices?

Whitney Matthews

in Business

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1 answer

Caroline Campbell on January 27, 2019

The following instructions describe the economic concept of scarcity:1. All useful resources are limited.2.There are few resources that explain why we are willing to pay for them.3. Due to the scarcity, people must make decisions.In economics, scarcity is the study of how people seek to satisfy their needs and desires through the decision making process. The principle of scarcity states that limit the goods and services are available to meet unlimited wants.

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