Social Studies

Question

Scarcity is a condition that exists because people's wants are greater than the_________ and________ that can be made from all available resources. For line one (its either goods, opportunity cost, or wants.) For line two it is either (Services, Needs, or Trade offs)

2 Answer

  • Line one is Goods. Line two is services. I just learned this in economics. This is the law of Scarcity.
  • The correct answer for the first blank is goods and the second blank is services.

    The idea of scarcity states that people want more resources than are available in society. This is inevitable, as the production of goods and resources is limited by several different factors including money, time, available natural resources, etc. This law of scarcity results in people having to make decisions about what they will purchase.

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