True or false? If an economy is operating efficiently, scarcity has been eliminated.

Question:

True or false? If an economy is operating efficiently, scarcity has been eliminated.

Opportunity Cost:

Instead of reading this right now, you could be doing something else. Whatever your best alternative use of your time is, is your opportunity cost of reading. Even though an action might not cost money, it is not free, since you could have been doing something else with your time or other resources. If you consider the opportunity cost of a choice before you make a choice, you will often make more effective choices since you are considering what you are giving up when you make that choice.

Answer and Explanation: 1

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The answer is false. Scarcity is the economic condition facing all humans that we have unlimited desires, but only limited resources to create or get...

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What is the Basic Economic Problem of Scarcity?

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Chapter 1 / Lesson 6
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Learn about scarcity. Understand what scarcity is, review its implications in economics, examine a graph of scarcity, and see some examples of scarcity.


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