Scarcity exists because
A) the majority of people in the world are poor.
B) people are too greedy and refuse to share what they have with others.
C) human wants exceed what can be produced with the limited resources available.
D) not enough new technology is being used to eliminate scarcity.

Question

Quizplus · Accepted Answer

Scarcity exists because human wants exceed what can be produced with the limited resources available. This is a fundamental concept in economics, which recognizes that resources are finite and cannot satisfy unlimited human wants and needs. The concept of scarcity drives the economic problem of choice, where individuals and societies must allocate scarce resources among competing wants and needs. While poverty and inequality may exacerbate scarcity, they are not the primary drivers of scarcity. Likewise, greed and technological innovation may impact the distribution of resources and improve efficiency, but they do not eliminate scarcity.

Scarcity Exists Because