Scarcity occurs in both wealthy societies and poor societies.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental economic problem that arises from the limited availability of resources relative to unlimited wants and needs. It is not determined by the level of wealth in a society, but rather by the availability and distribution of resources. Both wealthy and poor societies can face scarcity, as there are always limited resources to satisfy an infinite range of wants and needs.

Scarcity Occurs in Both Wealthy Societies and Poor Societies