Scarcity is likely to be
A)a result of the work ethic.
B)a problem that will always exist.
C)unique to the twentieth century.
D)a problem that will be solved by the proper use of available resources.
E)eliminated with a better understanding of economics.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental concept in economics that arises from the mismatch between unlimited wants and limited resources. This is a problem that has existed throughout human history and is likely to continue to exist as long as resources remain finite. While improving resource allocation and management can help mitigate the effects of scarcity, it cannot eliminate it completely.

Scarcity Is Likely to Be