Scarcity is:
A)only a problem in modern industrialized economies.
B)only a problem in impoverished economies.
C)only a problem in centrally planned economies.
D)a problem that necessitates making choices and tradeoffs.

Question

Scarcity is:
A)​only a problem in modern industrialized economies.
B)​only a problem in impoverished economies.
C)​only a problem in centrally planned economies.
D)​a problem that necessitates making choices and tradeoffs.

Quizplus · Accepted Answer

Scarcity is a problem that exists in all types of economies, not just modern industrialized or impoverished ones. It refers to the limited resources available to satisfy unlimited wants and needs, which means that choices and tradeoffs must be made in order to allocate those resources efficiently. Therefore, the best choice is D.

Scarcity Is