The principle of scarcity applies to
A) the poor exclusively.
B) nations exclusively.
C) all consumers.
D) all firms.
E) everyone;consumers,firms,governments,and nations.

Question

Quizplus · Accepted Answer

The principle of scarcity applies to everyone, including consumers, firms, governments, and nations. Scarcity means that there are limited resources to meet unlimited wants and needs, which is a universal problem that affects all individuals and organizations. Scarcity forces individuals and organizations to make choices and trade-offs, and this applies to everyone regardless of their income level or nationality.

The Principle of Scarcity Applies to