Atte Thinking about scarcity in terms of the economic way of thinking, why does scarcity exist? Select the most complete explanation. Scarcity and poverty are the same thing; they are both unavoidable because poverty is relative. exists because people have unlimited wants. exists because there are limited productive resources in the world. exists because people virtually have unlimited wants and because the earth has a limited supply of land, labor, capital, and entrepreneurial ability. O exists because people have limited incomes.

Atte Thinking about scarcity in terms of the economic way of thinking, why does scarcity exist? Select the most complete explanation. Scarcity and poverty are the same thing; they are both unavoidable because poverty is relative. exists because people have unlimited wants. exists because there are limited productive resources in the world. exists because people virtually have unlimited wants and because the earth has a limited supply of land, labor, capital, and entrepreneurial ability. O exists because people have limited incomes.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 7P

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