The problem of economic scarcity applies
A) only in industrially developed countries, because resources are scarce in these nations.
B) only in underdeveloped countries, because there are no productive resources in these nations.
C) only in economic systems that are just beginning to develop, because specialized resources are scarce in developing nations.
D) to economic systems in all nations, regardless of their level of development.

Question

Quizplus · Accepted Answer

The problem of economic scarcity applies to economic systems in all nations, regardless of their level of development, as resources are limited in nature and human wants are unlimited. Therefore, every economic system needs to deal with the problem of scarcity and allocate resources efficiently to fulfill the needs and wants of individuals and society.

The Problem of Economic Scarcity Applies