Scarcity is a problem:
A) measured by the amount of goods available.
B) of the poor, but not the rich.
C) because human wants are unlimited while resources are limited.
D) only in industrialized economies.

Question

Quizplus · Accepted Answer

Scarcity is a problem because human wants are unlimited while resources are limited. This is a fundamental economic concept that applies to all economies, not just industrialized ones. The fact that resources are scarce means that we must make choices about how to allocate them, and that there will always be trade-offs and opportunity costs. The wealthy also face scarcity in their decisions about how to allocate their resources, although their choices may be different than those of the poor.

Scarcity Is a Problem