Question

1 multiple choice 1 point why does scarcity exist? there are not enough resources to produce everyone’s wants. the quantity of goods and services demanded exceeds quantity of goods and services supplied. people are greedy and use resources wastefully. people have more wants than needs. 2 multiple choice 1 point because people have unlimited wants and limited resources, they must make choices about which wants to satisfy. recycle and reuse resources. create more resources. produce more goods and services to satisfy their wants.

Explanation:

Question 1

Scarcity exists because resources (like land, labor, capital) are limited, but people's wants are unlimited. The first option correctly states this core economic concept. The second option refers to a market shortage (a temporary imbalance), not scarcity. The third option is incorrect as scarcity isn't about greed/waste. The fourth option confuses wants and needs; scarcity is about limited resources vs. unlimited wants (not just more wants than needs).

With unlimited wants and limited resources, people must choose which wants to satisfy (this is the basis of economic choice). Recycling/reusing is a way to manage resources but not the direct result of scarcity's core (choice). Creating more resources is limited by resource availability. Producing more is constrained by limited resources. So the first option is correct. (Note: The original selected option in the image is incorrect; the correct one is "make choices about which wants to satisfy".)

Answer:

A. There are not enough resources to produce everyone's wants

Question 2