The problem of "scarcity" applies
A) only in industrially developed countries because resources are scarce in these countries.
B) only in underdeveloped countries because there are few productive resources in these countries.
C) only in economic systems that are just beginning to develop because specialized resources are scarce.
D) to all economic systems, regardless of their level of development.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental economic problem facing all societies. It arises because resources are limited, while human wants are unlimited. This issue affects all economic systems, regardless of their level of development, because no society has the resources to produce all the goods and services its members want.

The Problem of "Scarcity" Applies