Question

understanding scarcity
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:

• All useful resources are limited in their supply: Scarcity is based on limited resources.
• The wants and needs of people are unlimited: Scarcity occurs as resources are limited but wants are unlimited.
• Resources are scarce, which explains why we are willing to pay for them: Scarcity leads to value (hence payment).
• Because of scarcity, individuals must make choices: Limited resources force choice - a key aspect of scarcity.

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.