Question

multiple choice question
scarcity is the basic economic problem because

society does not have enough resources to produce all the things people would like to have.

the prices of everything are so high that people cannot afford to buy all of the things they would like to have.

people do not have enough money to buy everything they would like to have.

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Explanation:

In economics, scarcity is defined by the limited availability of resources (like land, labor, capital) relative to unlimited human wants. The first option correctly states that society’s resources are insufficient to produce all desired goods/services. The second option confuses scarcity with high prices (a market outcome, not the root of scarcity). The third option confuses scarcity with lack of money (money is a medium of exchange; scarcity is about resource limits, not individual purchasing power).

Answer:

A. society does not have enough resources to produce all the things people would like to have.