The concept of scarcity applies both to Bill Gates and a homeless person because
A) both have the same legal rights.
B) they have the same access to the markets for goods and services.
C) there are only 24 hours in the day for both of them.
D) they are both consumers.
E) both must breathe air in order to livE.

Question

Quizplus · Accepted Answer

Scarcity refers to the limited availability of resources relative to unlimited wants and needs. Both Bill Gates and a homeless person have the same amount of time in a day, which is a scarce resource that must be allocated efficiently to meet their respective needs and desires. Therefore, the correct answer is C - there are only 24 hours in the day for both of them. The other choices are not relevant to the concept of scarcity.

The Concept of Scarcity Applies Both to Bill Gates and a Homeless