The concept of scarcity:
A) exists in all societies.
B) affects only greedy people.
C) is the cause of poverty.
D) used to be a problem,but is not an issue for modern industrial nations.

Question

Quizplus · Accepted Answer

The concept of scarcity exists in all societies, regardless of their level of development or economic system. It refers to the fact that resources are limited while needs and wants are unlimited, which forces individuals and societies to make choices and prioritize.

The Concept of Scarcity