Scarcity
A)exists because people have wants that are unlimited relative to the availability of resources to satisfy those wants
B)applies when a resource is not freely available
C)means that each society and each individual must make choices
D)exists in all societies
E)all of the above are true

Question

Quizplus · Accepted Answer

All of the statements are true. Scarcity exists because people have unlimited wants and limited resources. It applies to any resource that is not freely available. Every society and every individual must make choices due to scarcity, and this applies to all societies around the world.