The phenomenon of scarcity stems from the fact that

a. most economies production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of goods and services.
c. governments restrict production of too many goods and services.
d. resources are limited.

It is basically defined as shortage of supplies. It is a basic economic problem which shows the gap between limited resources and theoretically limitless wants of society. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible. Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity.

Therefore, (d) option is the correct answer.

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The phenomenon of scarcity stems from the fact that a. most economies production methods are not very good. b. in most economies, wealthy people consume disproportionate quantities of goods and services. c. governments restrict production of too many goods and services. d. resources are limited.

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What is Scarcity?

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The phenomenon of scarcity stems from the fact that

a. most economies production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of goods and services.
c. governments restrict production of too many goods and services.
d. resources are limited.