Introduction to Economics Answers

Which of these statements demonstrate the economic concept of scarcity? Check all that apply.All useful resources are limited in their supply.Everyone is able to meet all their wants and needsThe wants and needs of people are unlimited.Resources are scarce, which explains why we are willing to pay for them.A large economy is able to eliminate the effects of scarcity.Because of scarcity, individuals must make choices.

The more a resource, the more costly it will be.

A manufacturer that requires scarce and costly resources is likely to charge for its products.