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 relative to limited resources, which applies when a resource is not freely available. Consequently, each society and individual must make choices based on the scarcity of resources, which exists in all societies.