Practice question · Select all that apply
Which statements correctly describe scarcity?
Hints
- Ask whether growing richer removes the need to choose.
- Time stays fixed however wealthy anyone becomes.
Show the answer
- B. It forces every economic actor to make choices
- C. It is the reason economic goods carry prices
- D. It applies to time as well as to physical resources
Why
Wealth relaxes budgets but cannot repeal scarcity: wants expand, time stays fixed, and unique resources stay unique. Choice, and prices, remain.
Practise Scarcity
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More questions on Scarcity
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