When economists speak of scarcity, they are referring to the
A. condition in which society is not employing all its resources in an efficient way.
B. condition in which people’s wants outstrip the limited resources available to satisfy those wants.
C. economic condition that exists in only very poor countries of the world.
D. condition in which society produces too many frivolous goods and not enough socially desirable goods.
Answer:B
When economists speak of scarcity, they are referring to the
A. condition in which society is not employing all its resources in an efficient way. B. condition in which people’s wants outstrip the limited resources available to satisfy those wants. C. economic condition that exists in only very poor countries of the world. D. condition in which society produces too many frivolous goods and not enough socially desirable goods.