AS A STUDENT OF ECONOMICS, WHEN YOU SPEAK OF SCARCITY, YOU ARE REFE...

8. As a student of economics, when you speak of scarcity, you are referring to the ability of society to:employ all of its resources.consume all that is produced.→ satisfy economic wants given limited resources.continually make technological breakthroughs and increase production. AACSB: AnalyticBlooms: RememberDifficulty: 2 MediumLearning Objective: 01-01 Define economics and the features of the economic perspective.Topic: Economic perspectivesMultiple Choice Question Topic: Economics