The concept of scarcity
A) exists in all societies.
B) affects only greedy people.
C) is the cause of poverty.
D) used to be a problem but is not an issue for industrialized nations.

Question

Quizplus · Accepted Answer

Scarcity exists in all societies because resources are limited while human wants and needs are unlimited. It is a fundamental economic problem that requires societies to make choices about how to allocate their limited resources.

The Concept of Scarcity