Scarcity is:

Question

Scarcity is:

Quizplus · Accepted Answer

Scarcity is a basic concept in economics that refers to limited resources and unlimited wants, making it a fact of life for all individuals and societies. It cannot be eliminated, but efficient allocation of resources can help manage it. Option B is incorrect because even billionaires like Bill Gates still face scarcity, as they still have finite resources to allocate. Option C is incorrect because while rational decision-making can help manage scarcity, it cannot eliminate it entirely. Option D is incorrect because scarcity is a fundamental concern in both microeconomics and macroeconomics.

Scarcity Is