The problem of scarcity exists
A)only in economies that lack incentives.
B)only in economies that have incentives.
C)in all economies.
D)only when people are unemployed.
E)now but will be eliminated with economic growth.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental concept in economics that refers to the gap between limited resources and unlimited wants and needs. This fundamental problem exists in all economies, whether they have incentives or not, whether people are unemployed or not, and whether there is economic growth or not. It is inherent in the nature of human wants and needs and the limited resources available to satisfy them.

The Problem of Scarcity Exists