The perpetual state of insufficiency of resources to satisfy people's unlimited wants is
A) apparent only in poor countries
B) a contradiction that cannot be resolved
C) completely unrealistic
D) present in modern economies, but not in the past
E) the definition of scarcity

Question

Quizplus · Accepted Answer

Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It means that there are not enough resources to fulfill all wants and needs, a condition that exists in every economy, regardless of its wealth or technological advancement.

The Perpetual State of Insufficiency of Resources to Satisfy People's