Which of the following statements best describes scarcity?
A) Scarcity and poverty are basically the same thing.
B) Goods are scarce because of greed.
C) Even in the wealthiest of countries, the desire for material goods is greater than productive capabilities.
D) The absence of scarcity means that a minimal level of income is provided to all individuals.

Question

Quizplus · Accepted Answer

Scarcity refers to the situation where unlimited wants and needs cannot be fulfilled by the limited resources available. It is not related to poverty or greed. Even in wealthy countries, resources are limited and there is always a greater demand for goods than can be produced, leading to scarcity. The absence of scarcity would mean that all wants and needs are easily fulfilled, which is not related to a minimal level of income for individuals.

Which of the Following Statements Best Describes Scarcity