Scarcity applies to our needs but does not apply to our wants.

Question

Quizplus · Accepted Answer

Scarcity can apply to both our needs and wants. Scarcity refers to a lack of availability of resources to satisfy all the needs and wants of individuals or society. While needs are essential for survival and well-being, wants are desires and can be infinite. However, our ability to fulfill our wants is still limited by the availability of resources, so scarcity applies to both our needs and wants.

Scarcity Applies to Our Needs but Does Not Apply to Our