Scarcity:
A) applies to a brain surgeon but not to a cab driver.
B) is not a problem for politicians.
C) exists only in rich countries.
D) exists only in poor countries.
E) exists to a greater or lesser extent for everybody.

Question

Quizplus · Accepted Answer

Scarcity exists to a greater or lesser extent for everybody, regardless of profession or country. It is a fundamental economic concept that arises from unlimited wants and needs in the face of limited resources. Politicians also face scarcity in prioritizing and allocating resources to meet various demands.