which of these statements demonstrate the economic concept of scarcity? check all that apply. all useful…

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.

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.

Answer

Brief Explanations:

Scarcity means limited resources and unlimited wants. People make choices due to scarcity. Resources being limited in supply, wants being unlimited, resources' scarcity explaining willingness to pay, and individuals making choices because of scarcity all relate to the concept. Everyone meeting all wants is false as scarcity exists. A large economy can't eliminate scarcity effects.

Answer:

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