The economic problem of scarcity
A)is unique to a capitalist economy.
B)requires that choices be made among alternatives.
C)disappears as technology advances.
D)affects only less-developed countries.

Question

Quizplus · Accepted Answer

The economic problem of scarcity is universal and affects all economies, regardless of their political systems. Resources are limited, while our wants and needs are infinite, hence the need to make choices among alternatives. Scarcity cannot be eliminated through technology, but it can be reduced by improving the efficiency of resource use.

The Economic Problem of Scarcity