Scarcity:
A) exists because resources are unlimited while human wants are limited.
B) means we are unable to have as much as we would like to have.
C) will likely be eliminated as technology continues to expand.
D) is not an issue addressed in economics.

Question

Quizplus · Accepted Answer

Scarcity refers to the fact that resources (both tangible and intangible) are limited while human wants are virtually unlimited. This means that we are unable to have as much as we would like to have due to scarcity. While technology may be able to increase the efficiency of resource use, it cannot eliminate scarcity completely as there will always be a limit to available resources.