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Question : Economic goods are considered scarce resources because they

Option 1: cannot be increased quantity

Option 2: do not exist in adequate quantity to satisfy the requirements of the society

Option 3: are of primary importance in satisfying social requirements

Option 4: are limited to man-made goods


Team Careers360 23rd Jan, 2024
Answer (1)
Team Careers360 25th Jan, 2024

Correct Answer: do not exist in adequate quantity to satisfy the requirements of the society


Solution : The correct answer is (b) do not exist in adequate quantity to satisfy the requirements of the society.

Economic goods are considered scarce resources because they are not available in unlimited quantities relative to the demand or wants of society. There is a limited supply of economic goods, and their availability is insufficient to fully satisfy all the needs and wants of individuals in society. This scarcity necessitates choices and trade-offs in resource allocation.

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