Scarcity:
A) does not exist in the real world.
B) is experienced only by individuals.
C) is unique to business.
D) limits society's productive capacity.

Question

Quizplus · Accepted Answer

Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It limits society's productive capacity because there are not enough resources to produce everything people want or need, leading to the need for allocation decisions.