Home › CBSE Class 11 (Arts) › Economics › Microeconomics › The basic fact that resources are finite while w…
The basic fact that resources are finite while wants are many is called what?
ASurplus
BInflation
CLiquidity
DScarcity
Answer & Solution
Correct answer: D. Scarcity
Scarcity means only a finite amount of resources exists to produce limited amounts of each good, so choices must be made.
Related questions
Under a production possibility curve, moving along the frontier shows what?When markets fail to produce efficient outcomes, economists call it what?Who likely introduced the macro and micro distinction in economics in 1933?Oligopolists may form cartels. What does this usually cause?A natural monopoly arises when one producer can do what?A market with only one buyer and many sellers is called what?Which market structure has many firms selling slightly different products?A duopoly is a special case of which market structure?