Question

Select all that apply.

Which of the following describe the effects of scarcity?

Businesses can only make a limited number of goods and services.
People have limited wants.
Not everyone's needs are met.
Using scarce resources today means having fewer tomorrow.

Answer 1

Using scarce resources today means having fewer tomorrow, Businesses can only make a limited number of goods and services, and Not everyone's needs are met.

Answer 2

• Not everyone's needs are met.
• Using scarce resources today means having fewer tomorrow.
• Businesses can only make a limited number of goods and services.

Step-by-step explanation:

• As scarcity is one of the factors that limits the growth and development of the resources and thereby limits the consumption and the production rates and hence the business can make only a limited set of products and hence not everyone needs are net and this also implies that the limited means and a future of limited resources for tomorrow.