{"id":50660,"date":"2024-04-15T23:13:31","date_gmt":"2024-04-15T23:13:31","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=50660"},"modified":"2024-04-15T23:13:31","modified_gmt":"2024-04-15T23:13:31","slug":"what-implication-does-resource-scarcity-have-for-the-satisfaction-of-wants","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/what-implication-does-resource-scarcity-have-for-the-satisfaction-of-wants\/","title":{"rendered":"What implication does resource scarcity have for the satisfaction of wants?"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Not all wants can be satisfied&#8221; option2=&#8221;We will never be faced with the need to make choices&#8221; option3=&#8221;We must develop ways to decrease our individual wants&#8221; option4=&#8221;The discovery of new natural resources is necessary to increase our ability to satisfy wants&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>A. Not all wants can be satisfied<\/strong>.<\/p>\n<p>Resource scarcity is the limited availability of resources to meet human wants and needs. This means that there is not enough of a resource to satisfy everyone&#8217;s wants. As a result, we must make choices about which wants we will satisfy and which we will not.<\/p>\n<p>Option B is incorrect because we will always be faced with the need to make choices, even if there were an unlimited supply of resources. This is because our wants are infinite, while our resources are finite.<\/p>\n<p>Option C is incorrect because we cannot simply decrease our individual wants. Wants are driven by a variety of factors, including our culture, our values, and our personal preferences. It is not realistic to expect people to simply want less.<\/p>\n<p>Option D is incorrect because the discovery of new natural resources does not guarantee that we will be able to satisfy all of our wants. This is because new resources can also be scarce, and they may not be evenly distributed around the world.<\/p>\n<p>In conclusion, the correct answer is: <strong>A. Not all wants can be satisfied<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Not all wants can be satisfied&#8221; option2=&#8221;We will never be faced with the need to make choices&#8221; option3=&#8221;We must develop ways to decrease our individual wants&#8221; option4=&#8221;The discovery of new natural resources is necessary to increase our ability to satisfy wants&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-50660","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What implication does resource scarcity have for the satisfaction of wants?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/what-implication-does-resource-scarcity-have-for-the-satisfaction-of-wants\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What implication does resource scarcity have for the satisfaction of wants?\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Not all wants can be satisfied&#8221; 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