Question

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.

Explanation:

Scarcity in economics refers to the limited availability of resources relative to unlimited wants. Useful resources being limited, people's wants being unlimited, the willingness to pay for scarce resources, and the need to make choices due to scarcity all align with this concept. The statement about everyone meeting all wants is incorrect as scarcity prevents this. Also, a large economy cannot eliminate scarcity's effects.

Answer:

A. All useful resources are limited in their supply.
C. The wants and needs of people are unlimited.
D. Resources are scarce, which explains why we are willing to pay for them.
F. Because of scarcity, individuals must make choices.