Scarcity
A) persists only because countries have failed to achieve continuous full employment.
B) persists because economic wants exceed available resources.
C) has been solved in all industrialized nations.
D) has been eliminated in affluent societies such as the United States and Canada.

Question

Quizplus · Accepted Answer

Scarcity exists because of the limited resources available to meet unlimited human wants and needs. It is a fundamental economic problem that affects all societies, regardless of their level of industrialization or economic development. Full employment is a separate issue that can affect the level of production, but it does not eliminate scarcity. Additionally, while affluent societies may have a higher standard of living and greater access to resources, they still face scarcity in the sense that there are still limited resources available to meet unlimited wants and needs.