Scarcity
A) is synonymous with poverty.
B) is eliminated with greater technology.
C) is faced by all individuals and societies.
D) can be eliminated with adequate resources.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental economic problem that arises from unlimited wants and needs in the face of limited resources. It affects all individuals and societies, regardless of their level of wealth or technology. While advances in technology can sometimes help us to better use existing resources, it cannot eliminate scarcity altogether. Additionally, while increasing resources can help to alleviate scarcity, it is unlikely that we will ever have enough resources to satisfy all of our wants and needs without making trade-offs.