Scarcity is a(n):
A) problem only in industrialized economies.
B) condition measured by the quantity of goods available.
C) subjective concept that human wants can never be satisfied.
D) problem only in poor economies.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental economic problem that exists in all societies, regardless of their level of development. The concept of scarcity arises from the fact that human wants and needs are unlimited, while the resources available to satisfy these wants are finite. Therefore, individuals, businesses, and societies must make choices about how to allocate their scarce resources.

Scarcity Is A(n)