alleryStart learning →The condition of having limited means to satisfy given ends is called:
ACalled scarcity
BCalled surplus
CCalled equity
DCalled elasticity
Answer & Solution
Correct answer: A. Called scarcity
1. Economics begins from the fact that wants exceed available resources.
2. Scarcity of means to satisfy given ends is an almost ubiquitous condition of human nature.
3. It is what forces every choice to involve giving something up.
4. A surplus is the opposite situation of having more than is wanted.
_Source: OpenStax Principles of Microeconomics for AP(R) Courses 2e (CC BY 4.0), Ch 2 'Choice in a World of Scarcity', sections 2.1-2.3_
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