Scarcity:
A)applies to a brain surgeon but not to a cab driver.
B)is not a problem for a politician.
C)exists only in rich countries.
D)exists only in poor countries.
E)occurs when a resource is not freely available.

Question

Quizplus · Accepted Answer

Scarcity occurs when a resource is not freely available, meaning there is a limited supply of it. It applies to all individuals and economies, regardless of their profession, political status, or country's level of development.