Scarcity is the fundamental problem of the economy.

Name: Scarcity is the fundamental problem of the economy.
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Question

Quizplus · Accepted Answer

Scarcity refers to the fact that there are limited resources to meet unlimited wants and needs. This creates the need for individuals, firms, and governments to make choices about how to allocate resources, which is central to the study of economics. Therefore, scarcity is considered the fundamental problem of the economy.

Scarcity Is the Fundamental Problem of the Economy