Scarcity arises because
A) resources are limited and are inadequate to meet all human wants.
B) shortages occur in some markets.
C) natural resources are abundant.
D) some people do not behave in a rational manner.

Question

Quizplus · Accepted Answer

Scarcity is the result of limited resources that cannot satisfy all human wants. As a result, individuals and societies are forced to make choices about which wants to prioritize and which to forego. The other options (B, C, and D) do not fully capture the essence of scarcity as a fundamental economic problem.

Scarcity Arises Because